Cango, a publicly traded Chinese language conglomerate, has agreed to promote its legacy China operations to an entity related to peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, based on a report by The Miner Magazine.
Cango agreed to promote its legacy Chinese language auto financing enterprise to Ursalpha Digital Restricted in a $352 million deal, according to the report.
Moreover, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal successfully brings Bitmain’s mining property to the general public market, The Miner Magazine mentioned.
Exahashes measure a miner’s contribution to the Bitcoin community’s hashrate, the entire computing energy securing the community.
The Miner Magazine mentioned Ursalpha Digital Restricted has the identical company tackle and founding director as Antalpha, an entity in the end managed by the chairman of Bitcoin miner Bitmain.
Proxies for Cango’s shares on the NYSE are up 25% this month. Supply: Google Finance
Associated: Analysts eye Bitcoin miners’ AI, chip sales ahead of Q4 earnings
Trump-family connection
Bitmain has skilled US scrutiny after the nation blacklisted its synthetic intelligence affiliate Sopghgo, Bloomberg reported.
Based on Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as a part of a cope with Hut 8, a supplier of energy and computing infrastructure.
On March 31, Hut 8 purchased a majority ownership interest in American Bitcoin (previously American Knowledge Facilities), whose founders embrace US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
Hut 8 has transferred its Bitcoin mining gear to American Bitcoin, which is reportedly mulling an preliminary public providing (IPO), based on Bloomberg.
The businesses mentioned that American Bitcoin will give attention to crypto mining, whereas Hut 8 targets information heart infrastructure for functions resembling high-performance computing.
In 2025, Bitcoin mining stocks have struggled amid declining cryptocurrency costs and stress on enterprise fashions brought on by the Bitcoin community’s April halving, based on a JPMorgan analysis be aware shared with Cointelegraph.
Each 4 years, the quantity of BTC mined per “block” — a bundle of transaction information saved on the chain — is reduce in half. April’s halving slashed mining rewards from 6.25 BTC to three.125 BTC per block.
Journal: Elon Musk’s plan to run government on blockchain faces uphill battle
