According to CoinDesk, car trading service Cango entered the field of Bitcoin mining in November. The company spent $400 million to obtain 50 EH/s of computing power, instantly becoming one of the world's largest miners. Bitcoin's computing power currently hovers at 823 EH/s. Once Cango's 50 EH/s is fully online, it will provide about 6% of the computing power behind Bitcoin. For reference, the world's largest listed miner MARA Holdings (MARA) has a computing power of just over 47 EH/s, and the second largest CleanSpark (CLSK) and Riot Platforms (RIOT) have 32 EH/s and 26 EH/s respectively. Juliet Ye, senior communications director of Cango, said, "I think this is surprising to people in the (Bitcoin mining) industry because no one has heard of Cango before, but Cango's history is a history of adaptation. Since the company was founded in 2010, we have entered different fields at least two or three times." Obtaining such a large amount of Bitcoin mining computing power is not cheap. Cango purchased the first 32 EH/s of computing power from Bitcoin mining machine manufacturer Bitmain for $256 million in cash and will issue additional shares worth $144 million for the remaining 18 EH/s.