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Chinese car company Cango, listed on the NYSE, has become the third largest Bitcoin Mining enterprise
Techub News reported that Cango Inc., a Chinese automotive company listed on the New York Stock Exchange under the code CANG, has become the third-largest BTC Mining enterprise. On November 15th, the company announced the acquisition of 32 EH/s worth of ASIC Antminers from Bitland for a price of 256 million US dollars, accounting for approximately 4% of the total Hash Rate of the BTC network.
The initial purchase was all from the Antminer S19 XP model, currently hosted in the facilities managed by Bit Mainland in the United States, and is of great importance in Georgia. In November, Cango mined 363.9 BTC, worth approximately 38.76 million US dollars at current value.
After this acquisition, Cango's stock price has risen 75% in the past week and 692% year-to-date. Canoo's market value is close to $600 million.