Cango, a relatively obscure Chinese car rental firm, has unexpectedly emerged as a dominant entity in the Bitcoin mining arena. Their rise can be attributed to their significant investment and strategic planning, catching the entire industry’s attention.

Achieving a mining capacity of 50 EH/s, Cango now captures about 6% of the global Bitcoin hashrate. This capacity was reached through investments of $256 million for purchasing hardware from Bitmain, along with an additional $144 million secured through share issuance.

Cango’s mining operations span multiple countries, including the US, Canada, Paraguay, and Ethiopia. The company aims to enhance operational efficiency by developing internal capabilities. In November 2024, they mined 363.9 BTC, valued at approximately $35 million.