Cango Inc. Announces November 2024 Production Update for Crypto Mining Business
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.
Cango Inc. (NYSE: CANG) ha pubblicato il suo aggiornamento sulla produzione di mining crittografico per novembre 2024. Dopo l'annuncio della acquisizione in contante di US$256 milioni di macchine per il mining con una capacità di hashrate di 32 EH/s, l'azienda ha riportato di aver prodotto 363,9 Bitcoin a novembre, con una media di 18,85 Bitcoin al giorno. L'azienda ha mantenuto tutti i Bitcoin prodotti, detenendo 363,9 Bitcoin al 30 novembre, senza vendite durante il mese. L'hashrate distribuito era di 32 EH/s con un hashrate operativo medio di 29,75 EH/s. Sebbene il trasferimento di titolo legale sia in sospeso, Cango ha ricevuto l'assegnazione di tutta la potenza di calcolo hash dalle macchine da mining.
Cango Inc. (NYSE: CANG) ha publicado su actualización de producción de minería de criptomonedas para noviembre de 2024. Tras la adquisición en efectivo previamente anunciada de máquinas de minería de criptomonedas por US$256 millones con una capacidad de hashrate de 32 EH/s, la empresa informó que produjo 363,9 Bitcoins en noviembre, promediando 18,85 Bitcoins diarios. La compañía mantuvo todos los Bitcoins producidos, reteniendo 363,9 Bitcoins al 30 de noviembre, sin ventas durante el mes. La hashrate desplegada se mantuvo en 32 EH/s con un hashrate operativo promedio de 29,75 EH/s. Aunque la transferencia del título legal está pendiente, Cango ha recibido la asignación de toda la potencia de computación hash de las máquinas de minería.
Cango Inc. (NYSE: CANG)는 2024년 11월 암호화폐 채굴 생산 업데이트를 발표했습니다. 32 EH/s 해시레이트 용량을 갖춘 암호화폐 채굴 기계의 2억 5600만 달러 현금 인수를 발표한 후, 회사는 11월에 363.9 비트코인을 생산했다고 보고했으며, 하루 평균 18.85 비트코인을 생산했습니다. 이 회사는 생산한 모든 비트코인을 유지하며, 11월 30일 기준으로 363.9 비트코인을 보유하고 있으며, 해당 월에 판매는 없었습니다. 배포된 해시레이트는 32 EH/s였으며 평균 운영 해시레이트는 29.75 EH/s였습니다. 법적 소유권의 이전이 보류 중이지만 Cango는 채굴 기계의 모든 해시 컴퓨팅 파워 할당을 받았습니다.
Cango Inc. (NYSE: CANG) a publié sa mise à jour de production de minage de cryptomonnaies pour novembre 2024. Suite à l'annonce précédente de l'acquisition en espèces de 256 millions de dollars de machines de minage de cryptomonnaies avec une capacité de hashrate de 32 EH/s, l'entreprise a rapporté avoir produit 363,9 Bitcoins en novembre, avec une moyenne de 18,85 Bitcoins par jour. L'entreprise a conservé tous les Bitcoins produits, détenant 363,9 Bitcoins au 30 novembre, sans ventes pendant le mois. Le hashrate déployé était de 32 EH/s avec un hashrate opérationnel moyen de 29,75 EH/s. Bien que le transfert de propriété légale soit en attente, Cango a reçu l'attribution de toute la puissance de calcul hash des machines de minage.
Cango Inc. (NYSE: CANG) hat sein Produktionsupdate für das Krypto-Mining für November 2024 veröffentlicht. Nach der zuvor angekündigten Barakquisition von Krypto-Mining-Maschinen im Wert von 256 Millionen US-Dollar mit einer Hashrate-Kapazität von 32 EH/s meldete das Unternehmen die Produktion von 363,9 Bitcoins im November, im Durchschnitt 18,85 Bitcoins pro Tag. Das Unternehmen hielt alle produzierten Bitcoins und hielt am 30. November 363,9 Bitcoins, ohne Verkäufe im Laufe des Monats. Die bereitgestellte Hashrate betrug 32 EH/s mit einer durchschnittlichen Betriebs-Hashrate von 29,75 EH/s. Während die Übertragung des rechtlichen Eigentums noch aussteht, hat Cango die Zuweisung aller Hash-Computing-Power von den Mining-Maschinen erhalten.
- 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
- 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)
Insights
This operational update reveals significant mining capacity with 32 EH/s deployed hashrate and 29.75 EH/s average operating hashrate, positioning Cango as a major player in Bitcoin mining. The production of 363.9 Bitcoins in November, averaging 18.85 BTC daily, demonstrates robust operational efficiency with a 93% hashrate utilization rate. The company's decision to retain all mined Bitcoin instead of selling suggests a bullish long-term view on Bitcoin prices and strong cash position from their
The strategic shift from automotive services to crypto mining represents a major pivot, with the deployed hashrate making Cango one of the larger Bitcoin mining operations globally. The high operational efficiency and substantial mining output indicate successful implementation of their mining infrastructure, though profitability will depend heavily on Bitcoin price movements and energy costs.
The completion of the
The company's transformation from an automotive platform to a crypto mining operation represents a dramatic business model shift. The size of investment relative to Cango's
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
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
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SOURCE Cango Inc.
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