Cango, a company listed on the New York Stock Exchange, spent $256 million to purchase Bitmain mining machines

2024-12-18 11:25:25

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ChainCatcher news, the NYSE-listed automotive dealership platform Cango announced that it has spent $256 million to purchase Bitcoin mining machines with a computing power of 32 EH/s from Bitmain.

In addition, Cango has agreed to acquire additional rack-mounted Bitcoin mining machines with a total computing power of 18 EH/s through the issuance of $144 million in common stock from Golden TechGen (a company under former Bitmain CFO Max Hua) and other entities.

Earlier this month, Cango reported that in November, with a deployed computing power of 32 EH/s, it produced 363.9 BTC without liquidating any assets. This output makes Cango the fifth largest publicly listed Bitcoin mining company by realized computing power and the third largest by deployed computing power.

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