Chinese Automotive Company Among Top 3 Bitcoin Miners
Date: 2024-12-19 Author: Gabriel Deangelo Categories: BUSINESS
In mid-November, Cango announced the acquisition of Bitmain ASICs with a total hashrate of 32 EH/s for $256 million. The devices will operate in Bitmain’s US data centers for the next 18 months. According to Blockspace, all of the computing power is currently provided by Bitmain’s Antminer S19 XP models.
The company also announced its intention to increase its hashrate by an additional 18 EH/s by concluding a deal with Golden TechGen Limited. As part of the agreement, Cango will pay $144 million in CANG shares. Once the deal is completed, which is scheduled for the end of March 2025, the company’s total hashrate will reach 50 EH/s.
In addition, the owner of Golden TechGen Limited, former Bitmain CFO Max Hua, will have the opportunity to appoint two representatives to the Cango board of directors.
It is worth noting that in November 2024, the media reported problems with the delivery of Bitmain equipment caused by inspections by the US Customs Service. The possible reason for the delays was the use of chips from Sophgo, which is suspected of violating sanctions.
