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Cangu has invested heavily in the mining industry, and after the transformation, its market capitalization potential may exceed 6 times.
Cangu: Transforming Mining, Huge Potential
Recently, Cangu Company announced a series of important announcements, marking a significant shift in its business direction. The company acquired 32 Eh/s of operating cryptocurrency mining equipment for $256 million and plans to further obtain 18 Eh/s of mining capacity by issuing $144 million in stock. In addition, Cangu produced a total of 393 bitcoins in November.
The mining equipment acquired this time is distributed across five countries in the United States, the Middle East, and Africa, primarily using flagship S19 mining machines, with an expected depreciation period of about 4 years. The acquisition price is approximately $70,000 per Bitcoin, which already includes the hosting operational costs.
It is worth noting that Cangu has also signed a supplementary agreement. If the company's market value reaches a specific level for 30 consecutive trading days within the next 30 months, additional shares worth $97.1055 million will be issued as a reward.
Although the price of Bitcoin has surged recently, Canggu had already reached an agreement with the project party when the price of Bitcoin was between $60,000 and $70,000, so this acquisition is essentially a fair value acquisition.
After completing this acquisition, Cangu will transform from an automotive dealer into a self-operated mining enterprise. The company plans to further expand its business based on this, venturing into fields such as hash power leasing and cloud hosting to reduce profit fluctuations caused by Bitcoin price volatility.
From an investment perspective, after completing the acquisition of the remaining 18 Eh/s projects in March 2025, Cangu will reach an operational hash rate of 50 Eh/s, likely becoming the largest mining company among publicly traded companies in the United States. Compared to other North American mining companies, Cangu's market capitalization is significantly low. Based on a valuation standard of $110 million per Eh/s, Cangu's reasonable market value after completing the second batch of acquisitions should reach around $5.5 billion. Considering the company's current market capitalization of only $720 million, there is an upside potential of 3.9 to 6.6 times in its stock price, indicating significant investment value.