Cango’s Bold Leap: How a Chinese Auto Lending Firm Became a Major Player in Bitcoin Mining

The bitcoin (BTC) mining landscape experienced a significant shift in late 2024 with the unexpected entrance of Cango (CANG), a Chinese firm traditionally known for its automobile lending services. Based in Shanghai and currently valued at $363 million on the stock market, Cango is in the process of acquiring an impressive 50 exahashes per second (EH/s) of mining power. Once operational, this will position Cango as one of the largest bitcoin miners globally.

The Surprising Transformation of Cango

For industry insiders, Cango’s transition from a lending platform to a bitcoin mining powerhouse comes as a surprise. Juliet Ye, the company’s senior director of communications, remarked in an interview with CoinDesk, “It’s surprising for people in the [bitcoin mining