Cango Set to Add 18 EH/s Bitcoin Hashrate by July, Approves $352M Sale
Chinese Bitcoin mining firm Cango has received shareholder approval to divest its legacy auto-financing business, securing a decisive step in its transformation into a dedicated Bitcoin mining proxy for Bitmain.
At an extraordinary general meeting held last week, shareholders voted in favor of selling the auto business for $351.94 million to Ursalpha Ltd., a Cayman Islands entity previously identified as being associated with Antalpha, Bitmain’s financial services arm. The sale marks the final stage in Cango’s exit from its original business line and deepens its ties to the Bitcoin mining ecosystem backed by Bitmain.
As previously reported, Antalpha not only financed the operational cost of Cango’s 32 EH/s fleet—believed to be Bitmain’s S19XP machines—but also proposed a takeover bid to gain control of the company. The restructuring would effectively turn Cango into a public proxy for Bitmain’s mining expansion strategy at a time when the hardware giant is facing intensified competition and scrutiny.
Additionally, Cango said in its first quarter earnings report that it expects to add another 18 EH/s of mining capacity by the end of July, completing a previously announced hardware purchase option. This would bring its total operational hashrate to 50 EH/s, making it one of the largest mining fleets among publicly traded firms.
The company disclosed that its cost of mining one bitcoin was $70,602 in the filing. Based on that figure, the average hashcost of its fleet equates to roughly $40.9/PH/s per day. The fleet primarily comprises S19XP machines with a power efficiency of 22.5 joules per terahash (J/TH), implying that its hosting fee—effectively the power rate charged by its host, Bitmain—is about $0.0758 per kilowatt-hour (kWh).
