17 hours ago
The institution reportedly sold its China operations to an entity associated with Bitmain for $352 million.
Cango, a publically traded Chinese conglomerate, has agreed to merchantability its bequest China operations to an entity associated with adjacent Bitmain successful a bid to spell all-in connected Bitcoin (BTC) mining, according to a study by The Miner Mag.
Cango agreed to merchantability its bequest Chinese car financing concern to Ursalpha Digital Limited successful a $352 cardinal deal, according to the report.
Additionally, Bitmain is reportedly transferring 32 exahashes per 2nd (EH/s) to Cango. The woody efficaciously brings Bitmain’s mining assets to the nationalist market, The Miner Mag said.
Exahashes measurement a miner’s publication to the Bitcoin network’s hashrate, the full computing powerfulness securing the network.
The Miner Mag said Ursalpha Digital Limited has the aforesaid firm code and founding manager arsenic Antalpha, an entity yet controlled by the president of Bitcoin miner Bitmain.
Proxies for Cango’s shares connected the NYSE are up 25% this month. Source: Google Finance
Related: Analysts oculus Bitcoin miners’ AI, spot income up of Q4 earnings
Trump-family connection
Bitmain has experienced US scrutiny aft the state blacklisted its artificial quality affiliate Sopghgo, Bloomberg reported.
According to Bloomberg, Bitmain has a moving narration with American Bitcoin, a Trump-family-affiliated mining entity created successful March arsenic portion of a woody with Hut 8, a supplier of powerfulness and computing infrastructure.
On March 31, Hut 8 bought a bulk ownership involvement successful American Bitcoin (formerly American Data Centers), whose founders see US President Donald Trump’s sons, Donald Trump Jr. and Eric Trump.
Hut 8 has transferred its Bitcoin mining instrumentality to American Bitcoin, which is reportedly mulling an archetypal nationalist offering (IPO), according to Bloomberg.
The companies said that American Bitcoin volition absorption connected crypto mining, portion Hut 8 targets information halfway infrastructure for applications specified arsenic high-performance computing.
In 2025, Bitcoin mining stocks person struggled amid declining cryptocurrency prices and unit connected concern models caused by the Bitcoin network’s April halving, according to a JPMorgan probe enactment shared with Cointelegraph.
Every 4 years, the magnitude of BTC mined per “block” — a bundle of transaction information stored connected the concatenation — is chopped successful half. April’s halving slashed mining rewards from 6.25 BTC to 3.125 BTC per block.
Magazine: Elon Musk’s program to tally authorities connected blockchain faces uphill battle
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