Chinese smart equipment and transaction service provider for the auto industry, Cango, has become the third-largest Bitcoin miner by hashrate, according to the company’s press release.

On November 15, Cango reported the acquisition of Bitmain ASIC devices with a total computing power of 32 EH/s for $256 million.

The machines are hosted in Bitmain’s U.S.-based data centers under an 18-month agreement. According to Blockspace sources, the entire hashrate is currently powered by Bitmain’s Antminer S19 XP.

Cango plans to add another 18 EH/s from Golden TechGen Limited in exchange for $144 million in CANG shares, which would bring the company’s total hashrate to 50 EH/s. The deal is expected to be completed by March 31, 2025.

As part of the agreement, Golden TechGen Limited’s owner, former Bitmain CFO Max Hua, will gain the right to appoint two members to Cango’s board of directors.

In November 2024, media outlets reported delays in Bitmain equipment shipments due to U.S. Customs inspections. A potential explanation cited the use of Sophgo chips in certain Antminer models, with the company suspected of sanctions violations.

On December 9, Bitmain announced the launch of a new production line in the U.S.