Cango has accomplished the beforehand introduced acquisition of an energetic Bitcoin hashrate of 18 EH/s from Bitmain's Monetary Providers Affiliate Antalpha, pushing its complete set up hashrate to 50 Eh/s.
This text comes from Theminermag, an business publication of cryptocurrency mining, and focuses on the most recent information and analysis on the institutional Bitcoin mining firm.
The transaction was finalised by the issuance of roughly 146.7 million Class A standard inventory to a number of sellers allotted based mostly on the hash charges contributed by every occasion, in line with a launch on Friday. Mining rigs concerned in transactions are already operational and are primarily hosted in information facilities managed by Bitmain.
Golden Techgen Restricted (GT), the biggest vendor within the transaction, holds roughly 19.85% of Cango's excellent shares. In complete, all collaborating sellers collectively personal roughly 41.38% of the corporate's capital, excluding the issuance of potential bonuses or adjusted shares.
GT was beforehand managed by Max Hua, former CFO of Bitmain. Earlier this month, CANGO revealed that GT possession had been transferred to a few people (Wang, Youngil Kim and Wye Sheng Kong). At the very least two of the three, King and Kong, seem like staff of Antalpha.
Adjustments in possession additional deepen the connection between Cango and Antalpha. Antalpha had already established one other entity, Ursalpha, to amass Cango's Legacy Auto Financing enterprise. EWCL, an organization belonging to a different Antalfa, beforehand assumed management of Cango's voting shares.
This newest transaction follows Cango's acquisition of 32 EH/s on-rack hashrate from Bitmain in 2024. This is a vital step to transferring away from automotive finance and changing into a publicly traded mining agent for Bitmain. With over 50 EH/s at the moment below administration, Cango has grow to be the third publicly obtainable Bitcoin mining operator (after Mara and Cleanspark), crossing its milestones and highlighting its speedy emergence within the mining sector.
The unique article could be discovered right here.
