Chinese provider of smart equipment and transactional services for the automotive industry, Cango, has emerged as the third largest Bitcoin miner by hash rate. This was announced in the company’s press release.
On November 15, Cango reported the acquisition of ASICs from Bitmain with a total computing power of 32 EH/s for $256 million.
The devices are hosted in Bitmain’s American data centers for 18 months. According to Blockspace sources, the entire hash rate is currently provided by Bitmain’s Antminer S19 XP.
Cango plans to add another 18 EH/s from Golden TechGen Limited in exchange for $144 million in CANG shares. This will raise the company’s total hash rate to 50 EH/s. The deal is expected to be completed by March 31, 2025.
Under the agreement, the owner of Golden TechGen Limited, former Bitmain CFO Max Hua, will gain the right to appoint two members to Cango’s board of directors.
In November 2024, media reported delays in equipment shipments from Bitmain by U.S. customs. One potential explanation was the use of chips from Sophgo, a company suspected of sanctions violations, in some Antminer models.
Earlier, on December 9, Bitmain announced the launch of a new production line in the United States.