{"id":19664,"date":"2024-12-18T14:25:14","date_gmt":"2024-12-18T12:25:14","guid":{"rendered":"https:\/\/forklog.com\/en\/chinese-auto-firm-ranks-as-third-largest-bitcoin-miner-globally\/"},"modified":"2024-12-18T14:25:14","modified_gmt":"2024-12-18T12:25:14","slug":"chinese-auto-firm-ranks-as-third-largest-bitcoin-miner-globally","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/chinese-auto-firm-ranks-as-third-largest-bitcoin-miner-globally\/","title":{"rendered":"Chinese Auto Firm Ranks as Third Largest Bitcoin Miner Globally"},"content":{"rendered":"<p>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&#8217;s <a href=\"https:\/\/ir.cangoonline.com\/2024-11-15-Cango-Inc-Completes-Cash-Settled-Acquisitions-of-Crypto-Mining-Assets\">press release<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXc4qEKXY_xF_dP42H3317YanmAf-em_CnUb9xykdvAI6KgGf_HfaNmj6Y050cTuErZdjCR7wKHjt7myaEflm0bzIMQWLbt1DhmCwomCje7R25Uiduv6qntS38IkoMLIKMnqhUM4?key=8pZjS0mPV2AofKeWkhb5b3u2\" alt=\"Chinese auto company becomes the third largest miner in the world\"\/><figcaption class=\"wp-element-caption\">Hash rate and number of BTC mined by the end of November 2024. Source: <a href=\"https:\/\/blockspace.media\/insight\/chinese-car-company-cango-emerges-as-third-largest-public-miner\/\">Blockspace<\/a>.<\/figcaption><\/figure>\n<p>On November 15, Cango reported the acquisition of ASICs from Bitmain with a total computing power of 32 EH\/s for $256 million.<\/p>\n<p>The devices are hosted in Bitmain&#8217;s American data centers for 18 months. According to Blockspace sources, the entire hash rate is currently provided by Bitmain&#8217;s Antminer S19 XP.<\/p>\n<p>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&#8217;s total hash rate to 50 EH\/s. The deal is <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1725123\/000110465924115848\/tm2427788d1_ex99-2.htm\">expected<\/a> to be completed by March 31, 2025.<\/p>\n<p>Under the agreement, the owner of Golden TechGen Limited, former Bitmain CFO Max Hua, will <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1725123\/000110465924115848\/tm2427788d1_ex99-1.htm\">gain the right<\/a> to appoint two members to Cango&#8217;s board of directors.<\/p>\n<p>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.<\/p>\n<p>Earlier, on December 9, Bitmain announced the launch of a new production line in the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8217;s press release. Hash rate and number of BTC mined by the end of November 2024. Source: Blockspace. On November 15, Cango reported the acquisition of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":19663,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1137,1279],"class_list":["post-19664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-mining","tag-hashrate-2"],"aioseo_notices":[],"amp_enabled":true,"views":"65","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=19664"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/19664\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/19663"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=19664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=19664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=19664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}