Source: Cointelegraph Original: "{title}"
According to The Miner Mag, Cango, a publicly traded Chinese conglomerate, has agreed to sell its traditional business in China to an entity associated with its peer Bitmain, in order to fully focus on Bitcoin (BTC) mining.
According to the report, Cango has agreed to sell its Chinese auto financing business to Ursalpha Digital Limited for a transaction price of $352 million.
Additionally, it has been reported that Bitmain is transferring 32 exahashes per second (EH/s) to Cango. The Miner Mag states that this deal effectively brings Bitmain's mining assets into the public market.
Exahashes are a unit of measurement for the contribution of miners to the Bitcoin network's computing power, representing the total computational capacity that secures the network.
The Miner Mag states that Ursalpha Digital Limited shares the same company address and founding directors as Antalpha, which is ultimately controlled by the chairman of Bitmain, the Bitcoin mining hardware manufacturer.
On the New York Stock Exchange (NYSE), Cango's stock has risen 25% this month. Source: Google Finance
Trump Family Connections
Bloomberg reports that Bitmain is under scrutiny in the U.S. as the country has blacklisted its artificial intelligence subsidiary Sopghgo.
According to Bloomberg, Bitmain has a partnership with American Bitcoin, a mining entity established under the Trump family background, which reached a deal with power and computing infrastructure provider Hut 8 in March.
On March 31, Hut 8 acquired a majority stake in American Bitcoin (formerly known as American Data Centers), whose founders include Donald Trump Jr. and Eric Trump, sons of U.S. President Donald Trump.
According to Bloomberg, Hut 8 has transferred its Bitcoin mining equipment to American Bitcoin, which is considering an initial public offering (IPO).
The company stated that American Bitcoin will focus on cryptocurrency mining, while Hut 8 will position itself in data center infrastructure for applications like high-performance computing.
In 2025, according to a research report shared with Cointelegraph by JPMorgan, Bitcoin mining stocks are expected to perform poorly due to declining cryptocurrency prices and the business model pressures brought on by Bitcoin's halving in April.
Every four years, the number of Bitcoins mined per "block"—a package of transaction data stored on the chain—is halved. The halving in April reduced the mining reward from 6.25 BTC to 3.125 BTC per block.
Related Articles: Mining Company Executives: Trump Tariffs May Lower Bitcoin Mining Machine Prices Outside the U.S.
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