Cango, a company formerly involved in automotive and fintech services, has made a major breakthrough in the cryptocurrency industry, producing $100.5 million worth of Bitcoin in just two months.
The recent development follows the company’s bold decision in early April to fully transition into crypto mining by divesting its legacy operations in China.
The strategic shift paid off quickly, with Cango mining a total of 954.5 BTC between April and May, 470 BTC in April and 484.5 BTC in May.
They aim to underscore the firm’s rapid adaptation and operational efficiency in the mining space.
The announcement, made on June 3, highlights Cango’s successful rebranding as a serious contender in global Bitcoin mining.
Early Results Signal Aggressive Growth and Operational Strength
Cango’s pivot appears far from tentative, earlier in May, the company also reported having mined 1,541 BTC in the first quarter of 2025, amounting to approximately $162 million at the time.
The back-to-back reports of significant Bitcoin production suggest not only consistent performance but also aggressive operational scaling.
The company revealed that its mining activities during April and May ran at an average hashrate of nearly 30 exahashes per second, which is a strong metric for such a recent market entrant.
This level of hashing power puts Cango in the league of major mining firms, as hashrate directly correlates with the ability to earn newly issued Bitcoin through the proof-of-work system.
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Mining Efficiency and Strategic Focus Reflect New Industry Competence
Cango’s mining operations highlight the technical and strategic sophistication the company has quickly developed.
Bitcoin mining requires solving complex mathematical problems, essentially a process of continuous guessing and checking to find the correct cryptographic hash that will secure the next block.
By reaching a consistent hashrate of 30 EH/s, Cango demonstrates both sufficient infrastructure investment and operational expertise to remain competitive in an increasingly saturated market.
The company’s full divestment from non-crypto operations shows a clear focus, allowing it to allocate capital and attention entirely toward maximizing mining returns.
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Corporate Restructuring Enhances Governance Ahead of New Era
In tandem with its mining success, Cango is also undergoing significant corporate restructuring.
Co-founders Xiaojun Zhang and Jiayuan Lin announced a $70 million deal to sell 10 million of their high-voting Class B shares to Enduring Wealth Capital.
Although the shares carry 20 votes apiece, the deal, which is still pending shareholder approval, includes a provision that will preserve that voting power for Enduring Wealth.
The founders will also convert their remaining Class B shares into one-vote Class A stock, effectively handing over voting control.
After the transaction, Enduring Wealth Capital is expected to control the majority of Cango’s voting rights while holding under 5% of the company’s economic equity.
The strategic move suggests that Cango is not only realigning its operations, but also its governance structure to suit the high-stakes, investor-driven world of crypto mining.
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