Three months after dividing its auto finance unit to focus on bitcoin mining, the Chinese Group Cango (Cang) has enhanced the Crypto product to a great extent, indicating that the acquisition of Bitman mining rigs is increasing its capacity between the completion of the industry.
According to Farside investors data, Cango produced 650.5 bitcoins (BTC) in July, rapidly increased by 450 BTC in June. Persian has not added cango to its minor dashboard which removes Hut 8 due to lack of monthly product revelations.
As Cointelegraph reported, Cango mined a combined 954.5 BTC in April and May – the first two months after their full transition in bitcoin mining.
Cango now has 4,529.7 BTC, priced at around $ 512 million, has been kept among the top 20 publicly traded bitcoin holders. Industry data shows that it approaches the rank of companies like Gamestop and Procap BTC.
Increase in production after purchasing a $ 256 million of mining rigs from Bitman, secures 32 ex -ex -expresses per second (EH/s). The deal declared as part of a $ 400 million broad investment strategy last November, marking the official pivot of Cango from auto financeing to bitcoin mining.
The company’s innings was part of a Boder diverse starting aimed at capitalizing on the world of digital assets. Cango said it experienced its existing infrastructure and experience in digital asset management to run its axis in bitcoin.
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Cango’s axis puts China in Crypto Spotlight
Despite the rented dive into its price and negative year-on-year performance, Cango’s stock has held 158% rallies in the last 12 months. Momentum began the previous decline when the company announced its push in bitcoin mining.
Prior to its crypto infection, Cango was mainly a knot as a Chinese motor vehicle financing platform, providing loans to consumers and facilitating online vehicle experts. The company became public in 2018.
No, Cango remains headquarters in China, a county that is with a complex and often restricted stance on cryptocurrency. Bitcoin mining was effectively banned in China in mid -2021.
As the Galaxy Research reported at that time, the government restrictions on the mainland went into the count of a neighbor like North America, as part of a much more strategic change in mining production, as part of a much more strategic change in mining production.
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