Cango announced that its crypto mining division has produced Bitcoins worth more than $100.5 Million in two months since it began mining cryptocurrency.
Cango mined 945.50 BitcoinBTCAfter going full-on with mining. A total of 470 BTC was mined in the month of April.
Cango agreeing to sell its legacy China operations To an entity affiliated with Bitmain, in order to concentrate solely on Bitcoin mining In early April,
Cango reported The company mined 1,541 BTCs in the first three quarters of 2025. At the time the article was written, this mined amount amounted to $162,000,000.
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Rapid expansion of a rapidly growing operation
Cango stated that its average hashrate was nearly 30 exahashes every second between April and May. When it comes to Bitcoin mining, the hashrate is defined as how many cryptographic hashes can be computed per second.
The computing intensive operation of miners can be described as a combination of guessing and checking. The miners calculate the hash for the block that they wish to create, while altering small amounts of data. They do this until they reach a suitable hash to be able to verify a block and receive newly-minted Bitcoin.
According to the proof-of work consensus system, a higher hashrate increases the likelihood of solving blocks and earning new BTC.
Related: Crypto mining stocks plunge as Fed warns of ‘difficult tradeoffs’
Enduring Wealth signs deal with Founders
Cango separately announced It was reported that two of its co-founders – Xiaojun Zhang & Jiayuan LIN – signed a $70m deal with Enduring Wealth Capital to sell 10,000,000 shares in their Class B High Vote to the company. Deal still needs shareholder approval.
This will allow the company to retain its 20-vote-per-share status. The founders also plan to convert the remaining Class B stocks into Class A shares with one vote.
Enduring Wealth Capital, after the closing of the transaction, will have more than 50% voting power, less than 37% in the case that Cango issue shares for mining rigs. Even so, Enduring Wealth Capital will hold less than 5% of economic equity.
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Source: cointelegraph.com
