Cango raises total hashrate to 50 EH/s, becoming the third largest listed Bitcoin mining company.

Cango has completed the acquisition of 18 EH/s of active hashrate from Bitmain’s financial affiliate Antalpha, raising the total hashrate to 50 EH/s. The deal was made through the issuance of approximately 146.7 million Class A shares to multiple sellers, based on the contributed hashrate.

The mining machines have become operational and are mainly located in data centers managed by Bitmain in the US. The largest seller – Golden TechGen Limited (GT) – currently holds 19.85% of Cango’s shares, while the total sellers account for 41.38%.

GT was once controlled by the former CFO of Bitmain, Max Hua, but ownership has now been transferred to three individuals associated with Antalpha, further strengthening the relationship between Cango and the Bitmain ecosystem. Previously, Antalpha also acquired Cango’s automotive finance segment.

With over 50 EH/s, Cango becomes the third publicly listed Bitcoin mining company to reach this milestone, following MARA and CleanSpark.