Cango (CANG) has released an update.
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Cango Inc. is making a significant investment in cryptocurrency mining by purchasing crypto mining machines with a combined hashrate of 50 Exahash per second, worth approximately $400 million. This strategic move involves a cash transaction with Bitmain and a share-settled deal with Golden TechGen Limited, potentially transforming Cango’s revenue stream towards crypto mining. Despite this diversification, Cango plans to continue expanding its automotive transaction services both within and outside China.
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