{"id":126408,"date":"2025-04-03T18:16:20","date_gmt":"2025-04-03T18:16:20","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=126408"},"modified":"2025-04-03T18:16:20","modified_gmt":"2025-04-03T18:16:20","slug":"cango-sells-legacy-china-business-goes-all-in-on-bitcoin-mining-report","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=126408","title":{"rendered":"Cango sells legacy China business, goes all-in on Bitcoin mining: Report"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsCango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on Bitcoin (BTC) mining, according to a report by The Miner Mag.\u00a0<br \/>\nCango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report.<br \/>\n\u00a0Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH\/s) to Cango. The deal effectively brings Bitmain\u2019s mining assets to the public market, The Miner Mag said.<br \/>\nExahashes measure a miner\u2019s contribution to the Bitcoin network\u2019s hashrate, the total computing power securing the network.<br \/>\nThe Miner Mag said Ursalpha Digital Limited has the same corporate address and founding director as Antalpha, an entity ultimately controlled by the chairman of Bitcoin miner Bitmain.\u00a0<br \/>\nProxies for Cango\u2019s shares on the NYSE are up 25% this month. Source: Google FinanceRelated:\u00a0Analysts eye Bitcoin miners\u2019 AI, chip sales ahead of Q4 earnings<br \/>\nTrump-family connection<br \/>\nBitmain has experienced US scrutiny after the country blacklisted its artificial intelligence affiliate Sopghgo, Bloomberg reported.\u00a0<br \/>\nAccording to Bloomberg, Bitmain has a working relationship with American Bitcoin, a Trump-family-affiliated mining entity created in March as part of a deal with Hut 8, a provider of power and computing infrastructure.\u00a0<br \/>\nOn March 31, Hut 8 bought a majority ownership interest in American Bitcoin (formerly American Data Centers), whose founders include US President Donald Trump\u2019s sons, Donald Trump Jr. and Eric Trump.\u00a0<br \/>\nHut 8 has transferred its Bitcoin mining equipment to American Bitcoin, which is reportedly mulling an initial public offering (IPO), according to Bloomberg.\u00a0<br \/>\nThe companies said that American Bitcoin will focus on crypto mining, while Hut 8 targets data center infrastructure for applications such as high-performance computing.\u00a0<br \/>\nIn 2025, Bitcoin mining stocks have struggled amid declining cryptocurrency prices and pressure on business models caused by the Bitcoin network\u2019s April halving, according to a JPMorgan research note shared with Cointelegraph.<br \/>\nEvery four years, the amount of BTC mined per \u201cblock\u201d \u2014 a bundle of transaction data stored on the chain \u2014 is cut in half. April\u2019s halving slashed mining rewards from 6.25 BTC to 3.125 BTC per block.<br \/>\nMagazine:\u00a0Elon Musk\u2019s plan to run government on blockchain faces uphill battle<a href=\"https:\/\/cointelegraph.com\/news\/cango-sells-legacy-china-business-pursues-bitcoin-mining-report?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsCango, a publicly traded Chinese conglomerate, has agreed to sell its legacy China operations to an entity associated with peer Bitmain in a bid to go all-in on&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126408"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=126408"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/126408\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=126408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=126408"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=126408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}