Cango, a publicly traded Chinese conglomerate, has sold its legacy China operations to Ursalpha Digital Limited, an entity associated with Bitmain, for $352 million. This strategic move is aimed at fully committing to Bitcoin mining. The sale includes the transfer of 32 exahashes per second (EH/s) from Bitmain to Cango, effectively shifting Bitmain's mining assets to the public market. Following the announcement, Cango's shares on the NYSE saw a 25% increase this month. In the backdrop of this deal, Bitmain has faced scrutiny in the US due to the blacklisting of its AI affiliate. The landscape for Bitcoin mining remains challenging amid declining cryptocurrency prices and business model pressures due to Bitcoin's halving event, which reduced the mining rewards from 6.25 BTC to 3.125 BTC per block in April 2025.

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