As per Bijiie, Enduring Wealth Capital Limited (EWCL), affiliated with Bitmain, will invest an additional $10.5 million in Cango, a U.S.-listed Bitcoin miner, by purchasing 7 million newly issued Class B shares at $1.5 per share. The transaction, expected to be completed in January, will raise EWCL's voting power in Cango to nearly 50%, nearing full control. The investment comes as Cango's mining machine cost is approximately $39 per hour per terahash, exceeding the current network cost, indicating the company may be operating at a loss.
Bitmain Affiliate Increases Stake in Cango with $10.5M Investment
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Summary
Bitmain affiliate Enduring Wealth Capital will invest $10.5 million in Cango, a U.S.-listed Bitcoin miner, by buying 7 million Class B shares at $1.5 each. The deal, expected in January, will lift its voting power to nearly 50%. Cango’s mining cost is $39 per hour per terahash, above the Bitcoin news-reported network cost, suggesting potential losses. The network upgrade timeline remains unclear as the firm seeks financial stability.
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