As part of its transition to bitcoin mining, NYSE-listed car dealer platform Cango announced that it has spent $256 million to purchase bitcoin mining machines with a hash rate of 32 EH/s from Bitmain.
In addition, Cango has agreed to acquire additional rack-mounted bitcoin mining machines with a total hash rate of 18 EH/s from Golden TechGen (a company owned by former Bitmain CFO Max Hua) and other entities through the issuance of $144 million worth of common stock.
Earlier this month, Cango reported that it produced 363.9 BTC at a deployed hash rate of 32 EH/s in November without liquidating any assets. This production makes Cango the fifth largest listed bitcoin miner by realized hash rate and the third largest by deployed hash rate.