Cango Enters Bitcoin Mining Arena with $400 Million Acquisition, Boosting Hash Power to 6% of Network

In a significant development within the cryptocurrency landscape, Cango, a trading service provider, has ventured into the Bitcoin mining sector. As reported by CoinDesk, the company allocated $400 million to acquire 50 EH/s of hashing power this past November. This strategic move positions Cango among the top-tier miners globally, contributing roughly 6% to Bitcoin’s total hashing power, which currently stands at about 823 EH/s. Comparatively, industry leaders such as MARA Holdings and CleanSpark operate with 47 EH/s and 32 EH/s, respectively.

Cango’s spokesperson, Juliet Ye, emphasized the company’s capacity for adaptation, a hallmark since its inception in 2010. The initial acquisition of 32 EH/s from Bitmain cost $256 million, with Cango planning to secure an additional 18 EH/s through stock issuance valued at $144 million. This entry into Bitcoin mining underscores the evolving dynamics of the cryptocurrency market.