According to ChainCatcher's message, automotive trading service provider Cango entered the Bit mining industry in November, investing USD 400 million to acquire 50 EH/s of computing power, immediately becoming one of the largest miners globally. The Bit computing power is currently hovering around 823 EH/s, and once Cango's 50 EH/s is fully operational, it will provide approximately 6% of the computing power behind Bit. For reference, the world's largest listed miner MARA Holdings (MARA) has slightly over 47 EH/s of computing power, while the second-largest CleanSpark (CLSK) and Riot Platforms (RIOT) have 32 EH/s and 26 EH/s, respectively.
Cango's Senior Communications Director Juliet Ye stated, "I think this will be surprising to people in the (Bit mining) industry, as no one had heard of Cango before, but Cango's history is a history of adaptation. Since the company was founded in 2010, we have entered at least two to three different industries."
Acquiring such a massive Bit mining computing power is not cheap. Cango purchased the initial 32 EH/s of computing power from Bit miner manufacturer Bitmain for USD 256 million in cash and will issue USD 144 million worth of stock to acquire the remaining 18 EH/s.
