Cango sells legacy China business, goes all-in on Bitcoin mining: Report

Cango, 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.  Cango agreed to sell its legacy Chinese auto financing business to Ursalpha Digital Limited in a $352 million deal, according to the report.  Additionally, Bitmain is reportedly transferring 32 exahashes per second (EH/s) to Cango. The deal effectively brings Bitmain’s mining assets to the public market, The Miner Mag said source: https://cointelegraph.com/news/cango-sells-legacy-china-business-pursues-bitcoin-mining-report?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound