Bitcoin News Today: Cango Completes Shift to Bitcoin Mining, Now 50 EH/s Hash Rate

Cango Inc., a New York Stock Exchange-listed company formerly known for its automotive financing services, has completed its transition to a Bitcoin mining enterprise. The firm confirmed its full pivot on July 23, 2025, following an initial announcement in November 2024 to exit the automotive sector [2]. This transformation includes a major restructuring of its leadership, with Peng Yu appointed as CEO and Xin Jin as chairman, replacing previous executives Xiaojun Zhang and Jiayuan Lin [1]. Cango now operates a global Bitcoin mining network with a hash rate capacity of 50 exahashes per second (EH/s), deployed across four continents, and holds over 4,000 BTC in its treasury, up from approximately 3,430 BTC in May 2025 [2]. The company has mined 1,541 Bitcoin in the first quarter of 2025, positioning itself as a competitive player in the sector.

The strategic shift reflects Cango’s focus on capitalizing on Bitcoin’s institutionalization and its own operational scalability. The firm’s leadership emphasized sustainability as a core objective, though specific green energy partnerships remain unpublicized. CEO Peng Yu highlighted the company’s progress, stating it has become “one of the largest Bitcoin miners in the world” within seven months, though the metric for “largest” was not quantified [1]. Cango now competes directly with established miners such as Marathon Digital Holdings (MARA), which holds 50,000 BTC, and Riot Platforms, underscoring the intensity of its market entry [2].

The pivot aligns with broader industry trends as traditional firms seek to leverage Bitcoin’s price resilience and the growth of institutional mining. However, Cango faces challenges, including market volatility, competition for mining hardware, and regulatory uncertainties in operating regions. Analysts note that while its rapid hash rate expansion and treasury growth are promising, long-term profitability will depend on operational efficiency and adaptability [2].

Cango’s transition from a car financing platform to a crypto-focused entity marks a significant milestone in the evolving landscape of digital asset investments. The firm’s emphasis on global infrastructure and energy optimization positions it to navigate a competitive sector dominated by well-capitalized rivals. As the Bitcoin mining industry matures, Cango’s success will hinge on its ability to sustain growth, manage costs, and maintain agility amid shifting market dynamics.

Source:

[1] [Antalpha Founder Takes Chair at Cango as Bitcoin Mining](https://theminermag.com/news/2025-07-23/antalpha-cango-bitcoin/)

[2] [Cango finalizes pivot to a Bitcoin mining company](https://crypto.news/cango-finalizes-pivot-to-a-bitcoin-mining-company/)