Cango Inc. Announces November 2024 Production Update for Crypto Mining Business

Rhea-AI Summary

Cango Inc. (NYSE: CANG) has released its crypto mining production update for November 2024. Following the previously announced US$256 million cash acquisition of crypto mining machines with 32 EH/s hashrate capacity, the company reported producing 363.9 Bitcoins in November, averaging 18.85 Bitcoins daily. The company maintained all produced Bitcoins, holding 363.9 Bitcoins as of November 30, with no sales during the month. The deployed hashrate stood at 32 EH/s with an average operating hashrate of 29.75 EH/s. While the legal title transfer is pending, Cango has received assignment of all hash computing power from the mining machines.

Positive

• Significant Bitcoin production of 363.9 BTC in November 2024
• Strong daily Bitcoin production rate of 18.85 BTC
• High deployed hashrate of 32 EH/s
• Company retaining all produced Bitcoins, building holdings

Negative

• Large cash expenditure of US$256 million for mining equipment
• Pending legal title transfer of mining machines
• Operating hashrate (29.75 EH/s) below deployed capacity (32 EH/s)

News Market Reaction

+3.19%

1 alert

+3.19% News Effect

On the day this news was published, CANG gained 3.19%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SHANGHAI, Dec. 5, 2024 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its production update for crypto mining business in November 2024.

As previously announced by the Company on November 19, 2024, the Company has completed the acquisition of on-rack crypto mining machines with an aggregate hashrate of 32 Exahash per second ("EH") for a total purchase price of US$256 million in cash (the "Cash-Settled Transaction") from a leading manufacturer of digital currency mining servers. The Company and such manufacturer closed the Cash-Settled Transaction through assignment to the Company of all hash computing power of the mining machines to be delivered in the Cash-Settled Transaction, and transfer of these machines' legal title to the Company is expected to occur at a later stage as agreed by the parties.

Bitcoin Mining Update for November 2024

• Number of Bitcoins produced in November: 363.9
• Average number of Bitcoins produced per day: 18.85
• Total number of Bitcoins held as of November 30, 2024: 363.9
• Total number of Bitcoins sold in November 2024: 0
• Deployed hashrate: 32 EH/s
• Average operating hashrate: 29.75 EH/s

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com

View original content:https://www.prnewswire.com/news-releases/cango-inc-announces-november-2024-production-update-for-crypto-mining-business-302323728.html

SOURCE Cango Inc.

FAQ

How many Bitcoins did Cango (CANG) produce in November 2024?

Cango (CANG) produced 363.9 Bitcoins in November 2024, with an average daily production of 18.85 Bitcoins.

What is Cango's (CANG) current deployed hashrate for Bitcoin mining?

Cango (CANG) has a deployed hashrate of 32 EH/s with an average operating hashrate of 29.75 EH/s.

How much did Cango (CANG) pay for its crypto mining machines?

Cango (CANG) paid US$256 million in cash for crypto mining machines with a total hashrate capacity of 32 Exahash per second.