Cango (CANG)：比特币 (BTC) 挖矿区块的新人

2024 年最后几个月，新玩家突然进入，比特币 (BTC) 采矿业受到震动：Cango (CANG)，一家专门为汽车买家提供贷款的中国公司。

Chinese auto lending platform Cango (CANG) is making waves in the bitcoin (BTC) mining industry with its recent acquisition of 50 exahashes per second (EH/s) of mining power. The move will see Cango become one of the largest bitcoin miners in the world once its entire fleet goes online.

中国汽车贷款平台 Cango (CANG) 最近获得了每秒 50 艾哈什 (EH/s) 的算力，在比特币 (BTC) 挖矿行业掀起了波澜。一旦 Cango 的整个矿机全部上线，此举将使 Cango 成为世界上最大的比特币矿商之一。

Based in Shanghai and valued at $363 million on the stock market, Cango is now in the process of acquiring the mining power, which will be used to mine bitcoin. The firm is paying $256 million in cash for the first 32 EH/s worth of computing power, which it is purchasing from bitcoin mining machine manufacturer Bitmain. It will be issuing $144 million worth of shares for the remaining 18 EH/s, which it is acquiring from Golden TechGen — a firm owned by former Bitmain Chief Financial Officer Max Hua — as well as other undisclosed mining machine sellers. Once the transaction is settled, Golden TechGen and these other sellers will end up owning approximately 37.8% of Cango.

Cango 总部位于上海，股票市场估值为 3.63 亿美元，目前正在收购采矿权，该采矿权将用于开采比特币。该公司将支付 2.56 亿美元现金购买首批 32 EH/s 的算力，该算力是从比特币矿机制造商 Bitmain 购买的。它将为剩余的 18 EH/s 发行价值 1.44 亿美元的股票，这些股票是从 Golden TechGen（一家由比特大陆前首席财务官 Max Hua 拥有的公司）以及其他未披露的矿机销售商手中收购的。交易完成后，Golden TechGen 和其他卖家将最终拥有 Cango 约 37.8% 的股份。

The diversification into bitcoin mining is already bearing fruit. Cango’s stock finished 2024 at $4.56, up more than 362% from the start of that year. Even better, Ye said, this new bitcoin mining strategy has catapulted Cango into the spotlight.

比特币挖矿的多元化已经取得了成果。 Cango 的股价 2024 年收于 4.56 美元，较年初上涨超过 362%。叶说，更好的是，这种新的比特币挖矿策略让 Cango 成为了人们关注的焦点。

“It’s been really hard for us to gain traction around the company, as a small- to mid-cap listed Chinese firm in the U.S.,” Ye said. “All of a sudden, a lot of people are very much interested in Cango. The buzz around the company — we’ve never seen this before in the past.”

“作为一家在美国上市的中小型企业，我们很难获得公司的青睐，”叶说。 “突然间，很多人对 Cango 非常感兴趣。公司周围的喧嚣——我们过去从未见过这种情况。”

50 EH/s

50EH/秒

Cango is more used to helping Chinese banks issue loans for people looking to buy cars. But the firm, which went public in 2018, was already diversifying its operations years before acquiring its bitcoin fleet.

Cango更习惯于帮助中国的银行为想要购买汽车的人发放贷款。但这家于 2018 年上市的公司在收购其比特币舰队之前几年就已经在实现业务多元化。

Cango started facilitating car exports from China to other parts of the world and has invested in Li Auto, a Chinese electric vehicle manufacturer. Following that investment, Cango explored business opportunities in the renewable energy sector, including high-compute power projects related to AI, before venturing into on bitcoin mining.

Cango开始促进中国向世界其他地区的汽车出口，并投资了中国电动汽车制造商理想汽车。此次投资之后，Cango 探索了可再生能源领域的商机，包括与人工智能相关的高计算电力项目，然后才涉足比特币挖矿。

“Bitcoin mining is a very good way to rebalance energy grids,” Ye said, referring to the fact that bitcoin miners can easily switch their rigs off and on again. Some jurisdictions, like Texas, take advantage of that ability by encouraging miners to operate in periods of low energy consumption, and paying them to shut down their machines when local demand surges, like during heatwaves or blizzards.

“比特币挖矿是重新平衡能源网络的一个非常好的方法，”叶说，他指的是比特币矿工可以轻松地关闭和重新打开他们的设备。德克萨斯州等一些司法管辖区利用这种能力，鼓励矿工在低能耗时期运营，并在当地需求激增（例如热浪或暴风雪期间）时付费让他们关闭机器。

With Bitcoin’s hashrate now hovering at 823 EH/s, Cango will be providing roughly 6% of the total computing power behind Bitcoin once the firm’s 50 EH/s fully come online. For reference, MARA Holdings (MARA), the largest publicly traded miner in the world, owned a little over 47 EH/s worth of computing power as of November, per TheMinerMag data. CleanSpark (CLSK) and Riot Platforms (RIOT), the two next largest, stood at 32 EH/s and 26 EH/s respectively.

由于比特币的算力目前徘徊在 823 EH/s，一旦该公司的 50 EH/s 完全上线，Cango 将提供比特币背后约 6% 的算力。作为参考，根据 TheMinerMag 的数据，截至 11 月，全球最大的上市矿商 MARA Holdings (MARA) 拥有略高于 47 EH/s 的算力。第二大的 CleanSpark (CLSK) 和 Riot Platforms (RIOT) 分别为 32 EH/s 和 26 EH/s。

“The Bitcoin mining sector's imperative for scaled operations was a pivotal consideration in our decision to enter this domain,” Cango’s management team told CoinDesk in an email.

Cango 的管理团队在一封电子邮件中告诉 CoinDesk：“比特币挖矿行业对规模化运营的迫切需要是我们决定进入这一领域的关键考虑因素。”

“The current landscape is marked by industry consolidation, with larger-scale operations becoming increasingly dominant due to escalating mining difficulty and the necessity for state-of-the-art hardware.”

“当前格局的特点是行业整合，由于采矿难度不断升级以及对最先进硬件的需求，大规模运营变得越来越占主导地位。”

One major difference between Cango and other mining heavyweights is that Cango isn’t operating its own mining fleet right now. With machines spread out around the world — including in the U.S., Canada, Paraguay and Ethiopia — Cango is still relying heavily on Bitmain for facilities and infrastructure, and to make sure the sites run smoothly.

Cango 与其他矿业巨头之间的一个主要区别是 Cango 目前没有运营自己的采矿车队。随着机器遍布世界各地（包括美国、加拿大、巴拉圭和埃塞俄比亚），Cango 仍然严重依赖比特大陆的设施和基础设施，并确保站点平稳运行。

“Even though we enter the industry with a significant amount of computing power, we are still new here, and we need time to adapt to the norms, and get a better understanding of the tax situation and the rest of the market,” Ye said. “So at the beginning, we chose to work together with Bitmain and to use its operations teams.”

“尽管我们进入这个行业时拥有大量的计算能力，但我们仍然是新手，我们需要时间来适应规范，并更好地了解税收情况和市场的其他部分，”叶说。 。 “所以一开始，我们选择与比特大陆合作，并利用其运营团队。”

That situation is likely to change over time, Ye said, as Cango gains experience in the sector and seeks to make its bitcoin mining operations more economically efficient. Nurturing an in-house mining team would likely be cheaper than relying on Bitmain’s expertise in the long run.

叶说，这种情况可能会随着时间的推移而改变，因为 Cango 在该领域积累了经验，并寻求提高其比特币挖矿业务的经济效率。从长远来看，培养内部挖矿团队可能比依赖比特大陆的专业知识更便宜。

As for what Cango plans to do with its growing bitcoin stash, that will depend on how the year unfolds, Ye said. “We don’t rule out the possibility of making some tactical reductions [to the bitcoin holdings] based on market conditions,” she said. Cango mined 363.9 BTC in November alone

叶说，至于 Cango 计划如何处理其不断增加的比特币储备，这将取决于今年的情况。 “我们不排除根据市场状况进行一些战术性削减（比特币持有量）的可能性，”她说。 Cango 仅在 11 月份就开采了 363.9 BTC