Shanghai-based car dealership Cango Inc. has pivoted to Bitcoin mining, announcing a $256 million acquisition of 32 exahashes per second in hashrate from Bitmain Technologies.
Cango’s expansion into BTC mining is backed by strategic acquisitions. The initial purchase from Bitmain, including on-rack miners, is reportedly hosted in the U.S., possibly in Georgia, under an 18-month colocation agreement. Speculation is rife that the hardware in question will include Bitmain’s Antminer S19XP rigs, bought at a relatively competitive $8 per terahash per second .level and the network hashprice rebounding to $63 per petahash per second , Cango’s venture into crypto appears well-timed. While it also marks a dramatic shift from the company’s origins as an automotive transaction service provider, it is in keeping with the firm’s constant reinvention of itself.
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