Bitcoin mining firm Cango has reported an impressive yield of nearly $100.5 million worth of Bitcoin in the two months following its complete pivot to the mining sector. As announced on June 3, Cango mined a total of 954.5 Bitcoin after deciding to focus solely on this area of its business, following the sale of its legacy operations in China to a Bitmain-associated entity in early April. Specifically, the mining output was divided into 470 BTC in April and 485.5 BTC in May. In a previous report, Cango indicated it mined 1,541 BTC in the first quarter of 2025, valued at approximately $162 million at that time.
Cango has also disclosed that it maintained an average hashrate of roughly 30 exahashes per second during April and May. In the context of Bitcoin mining, hashrate measures the number of cryptographic hashes processed per second. A higher hashrate enhances miners' chances of validating a block to earn newly minted Bitcoin under the proof-of-work consensus mechanism.
In a separate development, co-founders Xiaojun Zhang and Jiayuan Lin agreed to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million. This transaction awaits shareholder approval but promises to shift voting control within the company while the founders convert their remaining Class B shares to Class A stock.
Cango's robust performance in Bitcoin production raises questions about the future direction of its business strategy and its effects on the broadly fluctuating mining sector.
Cango has also disclosed that it maintained an average hashrate of roughly 30 exahashes per second during April and May. In the context of Bitcoin mining, hashrate measures the number of cryptographic hashes processed per second. A higher hashrate enhances miners' chances of validating a block to earn newly minted Bitcoin under the proof-of-work consensus mechanism.
In a separate development, co-founders Xiaojun Zhang and Jiayuan Lin agreed to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million. This transaction awaits shareholder approval but promises to shift voting control within the company while the founders convert their remaining Class B shares to Class A stock.
Cango's robust performance in Bitcoin production raises questions about the future direction of its business strategy and its effects on the broadly fluctuating mining sector.
