Chinese company Cango has decided to sell its non-core operations to focus on Bitcoin mining. The $352 million deal aims to help the company adapt to changing market conditions and shift to a more profitable sector.
Cango's Business Sale
Cango has agreed to sell its auto financing business in China to Ursalpha Digital Limited for $352 million. The deal is intended to help Cango adapt to changing market conditions and focus on the more lucrative field of Bitcoin mining.
Bitmain's Asset Transfer
According to reports, as part of the deal, Bitmain is transferring 32 exahashes per second (EH/s) to Cango, which will significantly increase the company's production capacity in mining. Exahashes measure a miner's contribution to the Bitcoin network's hashrate, correlating to the total computing power securing the network.
Bitmain's Connection to American Companies
Bitmain is under scrutiny in the U.S. after its AI affiliate was blacklisted. Additionally, Bitmain has working ties with an American company associated with the Trump family, which has recently entered the crypto mining sector. These developments highlight the ongoing changes in the cryptocurrency landscape.
Cango's deal marks a significant step towards integrating Chinese firms into the cryptocurrency and mining sectors, potentially indicating further market shifts.
