币界网报道：Cango Inc., a Chinese automotive services provider, has made a surprising pivot into cryptocurrency mining despite its core business struggles, raising concerns among investors about potential equity dilution. The company recently announced plans to acquire 1,000 Bitcoin mining machines from Bitmain, marking its second major crypto-related move after purchasing 5,000 machines earlier this year. This strategic shift comes as Cango faces declining revenues in its primary auto financing and dealership services, with Q3 2023 sales dropping 43% year-over-year to $44.7 million. While management positions the mining expansion as a diversification play, analysts warn the capital-intensive move could strain finances given Cango's $89 million cash position and $21 million debt. The mining initiative aims to capitalize on China's relatively low electricity costs (averaging $0.08 per kWh) and the upcoming Bitcoin halving event, but faces operational challenges including China's ambiguous crypto regulations and intense competition from established miners controlling 54% of global hashrate. Cango's stock has reflected investor skepticism, falling 12% since the mining announcement, with short interest climbing to 8.5% of float. The company maintains its mining operations will achieve breakeven at Bitcoin prices above $25,000, but some shareholders question whether management should focus on reviving core operations rather than venturing into the volatile crypto sector.