Chinese car lending firm begins expanding bitcoin mining business

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According to a report by CoinDesk, the Chinese automotive lending company Cango has started expanding into the Bitcoin mining business. The company has spent $400 million to purchase 50 EH/s of computing power. Of this, 32 EH/s was purchased from Bitmain for $256 million in cash, and the remaining 18 EH/s was purchased from Jincheng Technology in the form of equity equivalent to $144 million, accounting for approximately 37.8% of the company's shares.

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