Cango shifts to crypto mining with $256M acquisition of Bitmain’s 32 EH/s Bitcoin miners

Cango, a New York Stock Exchange (NYSE)-listed car dealership platform, has pivoted into crypto mining with the acquisition of 32 EH/s of Bitcoin miners from crypto mining equipment manufacturer Bitmain for $256 million, according to TheMinerMag. This strategic shift positions Cango as the fifth-largest publicly traded Bitcoin mining company by realized hashrate and the third-largest by deployed hashrate. In November, the company mined 363.9 BTC, all while maintaining its asset holdings without liquidating any of them.