Cango produced over $100M of Bitcoin in two months after mining pivot

Bitcoin mining institution Cango produced astir $100.5 cardinal worthy of Bitcoin successful the 2 months pursuing its afloat pivot to crypto mining, the institution announced connected June 3.

Cango mined 954.5 Bitcoin (BTC) aft going all-in connected mining. Of the full haul, 470 BTC were mined successful April and 484.5 BTC successful May.

This follows Cango agreeing to merchantability its bequest China operations to an entity associated with Bitmain successful a bid to absorption solely connected Bitcoin mining successful aboriginal April.

Earlier successful May, Cango reported that it mined 1,541 BTC successful the archetypal 4th of 2025, worthy astir $162 cardinal astatine the clip of publication.

Cango stock price. Source: Google Finance

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A rapidly expanding operation

Cango said it operated astatine an mean hashrate of astir 30 exahashes per 2nd successful April and May. In Bitcoin mining, hashrate refers to the fig of cryptographic hashes a miner tin compute per second.

Guessing and checking is simply a bully statement for the computing-intensive cognition that miners are progressive in. They cipher the hash of the artifact they privation to make portion altering a tiny magnitude of information until they find a hash that is suitable to corroborate a artifact successful speech for recently minted Bitcoin.

The higher the hashrate, the greater the accidental of solving a artifact and earning recently issued BTC nether the proof-of-work statement system.

Related: Crypto mining stocks plunge arsenic Fed warns of ‘difficult tradeoffs’

Founders chopped woody with Enduring Wealth

Cango separately announced that its 2 co-founders, Xiaojun Zhang and Jiayuan Lin, signed a woody to merchantability 10 cardinal of their high-vote Class B shares to Enduring Wealth Capital for $70 million. The woody is inactive pending shareholder approval.

The institution volition sphere the 20-votes-per-share presumption of those shares. The founders volition besides person each remaining Class B banal to one-vote Class A stock.

After the woody closes, Enduring Wealth Capital volition summation voting power with much than fractional of the full votes, oregon little than 37% if Cango issues share-settled mining-rig stock. Still, the steadfast volition lone clasp nether 5% of the economical equity.

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