From Chinese Car Firm to Crypto: Cango Quietly Becomes a Bitcoin Mining Giant

According to a report from Blockspace Media, there’s a new entity on the block that has quietly climbed to become the third-largest publicly listed mining firm in terms of hashrate.

Stealth Hashrate: Cango’s Surprising Crypto Pivot

There’s a publicly listed Chinese car company called Cango that has shifted gears from automotive financing and car trading facilitation to bitcoin (BTC) mining. Blockspace Media’s latest report reveals that back in November, Cango slipped out a press release that flew under the radar. In the announcement, published on Nov. 15, Cango declared it snapped up 32 exahash per second (EH/s) of on-rack bitcoin mining machines from Bitmain.

Cango’s stock has been on the rise recently. In terms of hashrate, this places Cango just below MARA Holdings and Cleanspark. Furthermore, the press release also mentions the company had the chance to grab another 18 EH/s of on-rack mining gear. Blockspace Media’s report points out that if that deal went through, Cango would match MARA’s total hashrate.

On social media, the word is that Cango is holding onto its bitcoin (BTC), much like the recent choices made by other publicly listed mining companies. Cango’s stock, CANG, listed on the New York Stock Exchange (NYSE), has jumped 8% today and over the past month, CANG has soared more than 102%. The stock has skyrocketed 340% in the last six months, showing off some serious gains this year.

Cango’s switch to bitcoin mining and its stealthy yet calculated rise in hashrate supremacy marks a daring change in corporate direction. As the company starts to make noise among industry bigwigs, its ballooning stock value reflects a strong vote of confidence from investors. This evolution showcases the potential for unexpected contenders to shake things up in the bitcoin mining scene, adding some spice to the industry’s competitive mix.