Cango produced $100M of Bitcoin two months after mining pivot
Cango generated nearly $100.5 million from Bitcoin mining in two months, producing 954.5 BTC after shifting focus to crypto mining. In April, 470 BTC were mined, followed by 484.5 BTC in May. This transition occurred after selling its legacy operations in China to a Bitmain-associated entity. In Q1 2025, Cango mined 1,541 BTC valued at approximately $162 million. The company operated at an average hashrate of nearly 30 exahashes per second during April and May, enhancing its chances of solving blocks under the proof-of-work system. Additionally, co-founders Xiaojun Zhang and Jiayuan Lin agreed to sell 10 million Class B shares to Enduring Wealth Capital for $70 million, pending shareholder approval. This deal will grant Enduring Wealth voting control while the founders convert remaining shares to Class A stock.
