Cango, a Chinese automotive transaction service platform, has ventured into bitcoin mining, acquiring 50 EH/s of mining power for $400 million towards the end of 2024. This move positions Cango as one of the largest bitcoin miners globally, contributing approximately 6% of the total computing power behind Bitcoin. Unlike other major players, Cango currently does not operate its own mining fleet and relies heavily on Bitmain for operational support and infrastructure. The management team cites the imperative for scaled operations and the need to adapt to market norms as key reasons for this partnership. Cango plans to develop its in-house mining capabilities over time to enhance operational efficiency. As for their bitcoin holdings, Cango remains flexible about future strategies as market conditions evolve. Overall, the firm’s significant financial commitment underscores the industry's trend towards larger, more consolidated operations amid increasing mining difficulty and a competitive landscape.

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