Cango Mines $100.5 Million in Bitcoin in Two Months Post-Pivot

Cango, a prominent Bitcoin mining company, has achieved a significant milestone by producing nearly $100.5 million worth of Bitcoin in just two months following its full pivot to crypto mining. This achievement was announced on June 3, highlighting the company's successful transition from its previous operations.

Cango mined a total of 954.5 BTC during this period, with 470 BTC mined in April and 484.5 BTC in May. This follows the company's decision to sell its legacy operations in early April, allowing it to focus solely on Bitcoin mining. The sale of these operations to an entity associated with Bitmain was a strategic move that enabled Cango to concentrate its resources and expertise on mining.

Earlier in May, Cango reported that it mined 1,541 BTC in the first quarter of 2025, worth around $162 million at the time of publication. This earlier success further underscores the company's operational efficiency and strategic foresight in capitalizing on the growing demand for Bitcoin.

Cango's mining operation has been rapidly expanding, with the company operating at an average hashrate of nearly 30 exahashes per second in April and May. In Bitcoin mining, hashrate refers to the number of cryptographic hashes a miner can compute per second. The higher the hashrate, the greater the chance of solving a block and earning newly issued BTC under the proof-of-work consensus system.

Cango's two co-founders, Xiaojun Zhang and Jiayuan Lin, separately announced a deal to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million. This deal, pending shareholder approval, will see Enduring Wealth Capital gain voting control with more than half of the total votes, or less than 37% if Cango issues share-settled mining-rig stock. The founders will also convert all remaining Class B stock to one-vote Class A stock.

This strategic share sale is expected to provide Cango with the necessary capital to invest in advanced mining technologies and infrastructure, further enhancing its mining capabilities. The proceeds from these sales have also enabled Cango to strengthen its financial position, ensuring long-term sustainability and growth in the competitive cryptocurrency mining landscape.

Cango's success in Bitcoin mining is a testament to its ability to adapt to market dynamics and capitalize on emerging opportunities. The company's decision to pivot to Bitcoin mining has not only yielded impressive financial results but has also positioned it as a key player in the industry. As the demand for Bitcoin continues to rise, Cango is well-positioned to leverage its mining capabilities and maintain its competitive edge.