Cango Ditches Autos for Bitcoin: A Miner’s Dream?

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In a move that would make the most seasoned speculator chuckle, the venerable Cango has decided to trade in its auto financing empire for the glittering allure of Bitcoin mining. 🚗➡️🔗

The Miner Mag reports that Ursalpha Digital Limited, a shadowy figure with ties to Bitmain, has agreed to fork over a paltry $352 million for Cango’s aging Chinese operations. A steal, one might say, in this age of digital gold rushes. 😏

Bitmain, ever the generous soul, is reportedly gifting Cango a monstrous 32 exahashes per second. A veritable dragon’s hoard of mining power, now at the beck and call of the public market. 🐉💰

For those uninitiated in the cryptic language of miners, exahashes are the currency of computing power, the lifeblood of the Bitcoin network. And Cango is about to become very rich indeed. Or so they hope. 🤷‍♂️

It seems Ursalpha Digital Limited is but a stone’s throw from Antalpha, an entity cozy with the chairman of Bitmain. A curious web of connections, indeed. 🕵️‍♂️

But wait, there’s more! Bitmain, it seems, has a penchant for controversy. The American government has turned a wary eye on them, and who can blame them? After all, who doesn’t love a bit of artificial intelligence drama? 🇺🇸👀

Enter the Trump family, with their fingers in every pie, including the Bitcoin one. American Bitcoin, a Trump-family brainchild, is cozying up to Bitmain. A match made in crypto heaven? Or a recipe for disaster? Only time will tell. 🤑🔥

As Bitcoin mining stocks flounder like a fish out of water, thanks to the April halving, one must wonder: is Cango’s leap of faith a stroke of genius or a fool’s errand? Only the cryptic market knows. And it’s not telling. 🤷‍♀️💔

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2025-04-03 21:20