Shanghai-based automotive transaction service platform Cango Inc. has completed a $256 million cash-settled acquisition of on-rack crypto mining machines with 32 EH/s of hashrate from Bitmain. The company previously announced this acquisition along with a proposed $144 million share-settled acquisition of additional on-rack mining machines from Golden TechGen. Cango plans to use the mining machines to enter the Bitcoin mining industry. In November, the company mined 363.9 BTC, making it the third-largest publicly traded company by deployed hashrate and the fifth-largest by realized hashrate. The company's Q3 revenue for this year reached $3.84 million as of November 30. Cango CEO Jiayuan Lin stated that the company's business performance has remained stable due to cost control and risk management strategies. The company aims to focus on high-quality projects that align with its core competencies and strengthen its data analysis capabilities for more accurate market insights.



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