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Cango (NYSE: CANG), a Shanghai-based automotive transaction services platform, has reportedly sold its legacy business in China to concentrate exclusively on Bitcoin mining. This significant strategic shift marks the company’s departure from its traditional automotive financing and trading operations. Cango Inc. to sell its PRC Business to Ursalpha Digital Limited for $351.94M, following the March 14th Letter of Intent. Details in the press release. https://t.co/v9DnPdUJTd #Cango #BusinessUpdate pic.twitter.com/tEYKzaCfPM — CANGO (@Cango_Group) April 3, 2025 According to sources familiar with the matter, Cango’s leadership believes that Bitcoin mining presents greater long-term potential than its existing business model. The divestment of its China-based operations is seen as a move to reallocate resources towards digital assets, which has gained considerable traction despite ongoing regulatory uncertainties. Divestment of Automotive Services Business ...

1. Scholar: China Needs to Promote the Construction of Stablecoins link The Deputy Director of the Institute of Finance at the Chinese Academy of Social Sciences and the Deputy Director of the National Institution for Finance and Development stated in an article published in the Learning Times, which is affiliated with the Party School of the Central Committee of the Communist Party of China, that Bitcoin is not a genuine currency in nature. Instead, it is a peculiarly styled financial asset, and this asset itself possesses investment value. In fact, it is stablecoins that are truly likely to exert a significant impact on the international financial system. Once the US dollar — backed stablecoins more closely link the international credit of the US dollar with the application scenarios in the virtual world, it is highly probable that they will greatly reinforce the hegemony of the US dollar. China needs to advance the construction of stablecoins and expand the utilization of digital to...

Marathon Digital, a Bitcoin mining company based in the United States, has added 1,300 BTC to its holdings. This purchase comes after Bitcoin briefly surpassed the $100,000 mark before retreating to $99,200 at the time of writing. According to data from CoinGecko, Marathon now holds the second-largest corporate Bitcoin holder position, with only MicroStrategy ahead.   Blockchain Analysis platform Lookonchain reports that the recent acquisition cost the company $130.66 million. A few days prior, Marathon purchased another 1,423 BTC for $139.5 million. These two transactions total $270.12 million at the current Bitcoin price. Meanwhile, investors are also searching for affordable tokens, particularly the best cheap crypto to buy now under 1 dollar . 5 Best Cheap Cryptos to Invest Now Under 1 Dollar Telcoin (TEL) is valued at 0.006722, marking a 4.03% rise in the past 24 hours. VeChain (VET) is trading at $0.06944, reflecting a 2.32% gain during the same period. SPX6900 is pr...

Title sponsored by Bitdeer, a NASDAQ-listed mining company. 1. Bitdeer announced the issuance of $360 million of convertible senior notes to qualified institutional buyers, which will be the company’s general, senior unsecured debt, with an interest rate of 5.25% per annum and a maturity date of 2029. The initial conversion rate of the notes will be 62.7126 Class A ordinary shares per US$1,000 principal amount of such notes (equivalent to an initial conversion price of approximately US$15.95 per Class A ordinary share). The sale of the notes is expected to close on November 26, 2024. A portion of the net proceeds will be allocated to data center expansion, the development and manufacturing of ASIC-based mining equipment, working capital, and other general corporate purposes. Read more 2. Bitcoin mining colocation and cloud servicing firm Applied Digital is poised to raise $375 million through a private offering of convertible notes. The convertible notes feature an interest rate of 2.7...

In what is certainly a sign of the growing reach of the digital asset sector, Deutsche Telekom, the largest telecom provider in all of Europe, has begun testing Bitcoin mining. Specifically, the T-Mobile parent company is testing the process for surplus energy, according to a press release issued Monday. The firm announced the pilot project that would be taking place in collaboration with Bankhaus Metzler, one of Germany’s oldest banks. The project will seek to create a BTC mining infrastructure that is powered by renewable energy, the company notes. Source: Watcher.Guru Also Read: T-Mobile Parent Company Deutsche Telekom to Mine Bitcoin Deutsche Telekom Announces Bitcoin Mining Pilot Project There is no denying the vast growth that the cryptocurrency sector has enjoyed throughout 2024. The launch of crypto-based ETFs in the United States has opened the door to a wealth of new investors. Specifically, institutions like BlackRock and Fidelity have integrated massively with the asse...

Paraguay has shut down more than 70 illegal bitcoin mines in the past five years, according to the country’s national energy supplier. Illegal mines in Paraguay reportedly steal up to $60 million worth of electricity every year — enough to light a city, according to the Administración Nacional de Electricidad (ANDE).  The Economist reports that illegal bitcoin miners contribute to an increasing number of blackouts in the country by overloading power lines unable to cope with increased demand. ANDE has also admitted that seven of its own engineers are under investigation after they were accused of illegal ly installing crypto mines using the energy provider’s own power transformers. The Paraguayan Fintech Chamber lobby group says that thanks to a combination of low taxes, predictable politics, and cheap imports of equipment, Paraguay is a mecca for crypto miners. Most of Paraguay’s share of power from the Itaipu dam is directed to Brazil as it vastly exceeds ...

Bitcoin is seeing split opinions as major $25,000 resistance combines with early signs that all is not well with the BTC price rally. Bitcoin (BTC) starts the last week of February in a volatile mood as a crucial area of resistance fails to break. After a classic “fakeout” during low-volume weekend trading, BTC/USD is back below $25,000 with bulls still lacking momentum. The largest cryptocurrency saw what looked like the next stage of its 2023 recovery last week, making swift gains and even tapping new six-month highs. The good times were not to continue, however, and February’s progress has been much slower and hard won than January’s 40% gains. How will the rest of the month pan out? A critical monthly close is due, along with a potential external price trigger in the form of minutes from the United States Federal Reserve. Meanwhile, Bitcoin network fundamentals are due to leap to yet another all-time high, and miners are in full recovery mode. Cointelegraph takes a look at these f...

B itcoin [BTC] is gradually regaining value following a major drop in 2022 that brought the asset’s price to a low of $15,000. Earlier this month, the price of B itcoin was $17,162. Now, it is at a high of around $21,300. It appears that the market’s hope has been restored by this protracted surge. The biggest crypto currency in the world has been rising for the past 12 days in a row. Since 2013, this is the longest run for B itcoin . ₿REAKING: #Bitcoin price has increased 12 days in row — The second longest streak in history! pic.twitter.com/fETwqQ3Vzz — Documenting ₿itcoin 📄 (@DocumentingBTC) January 16, 2023 As seen in the tweet, Bitcoin went on to break its July 2020 record. The asset’s current streak is considered to be the second longest. The persistence of this notion may help Bitcoin shatter its 2013 record as well. Bitcoin’s short-term holders make the most out of this streak During the weekend, Bi...