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Chinese auto dealer invests 256 million dollars in Bitcoin mining expansion

Cango Inc., a Shanghai-based car dealership, has invested $256 million in Bitcoin mining, acquiring 32 EH/s from Bitmain Technologies. The company extracted 363 BTC in November, positioning itself as the fifth-largest public Bitcoin miner globally, with plans to expand its hashrate to 50 EH/s by 2025. Despite China's mining ban, Cango's venture is thriving, significantly boosting its revenue and market cap.
CryptoPotato
United States Dollar Cango Inc. Marathon Digital Holdings Inc CHN USA Max Huang
Finance & Economy, Market Report
20:36 21.12.2024
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