China-based Cango has increased Bitcoin output after shifting from auto financing to crypto mining.
- Cango mined 650.5 BTC in July, up from 450 BTC in June.
- Company now holds 4,529.7 BTC, worth over $512 million.
- Its $256M Bitmain mining rig deal helped boost performance.
Cango Steps Up Bitcoin Production
Cango, a Chinese company, has increased its Bitcoin mining by a large amount. In July, it produced 650.5 BTC. That’s a big jump from the 450 BTC it mined in June. This rise shows that Cango’s move into crypto is working.
Why Cango Switched to Mining
Earlier this year, Cango sold its auto finance business. It used the money to invest in crypto mining. The company bought mining machines from Bitmain for $256 million. In total, Cango committed $400 million to grow its mining business. These new machines give Cango 32 exahashes per second (EH/s) of power, helping it compete against top miners.
Cango Now Holds Over $500 Million in BTC
As of July, Cango owns 4,529.7 BTC. At current prices, that’s worth about $512 million. This makes Cango one of the top 20 public companies in the world in terms of Bitcoin holdings. It is close to other major Bitcoin holders like GameStop and ProCap BTC.
From Auto Loans to Crypto Powerhouse
Cango used to lend money for cars and help export vehicles online. It went public in 2018. Everything changed in 2023 when it chose to focus on digital assets. Since making the switch, the company’s stock price has risen 158% in one year, showing strong support from investors.
Mining in China Despite Limits
Cango operates from China, a country that banned most Bitcoin mining in 2021. Many miners left China after that. Still, Cango has managed to build its mining business while staying based there. The company says it used its previous tech knowledge to make this quick shift into crypto.
Source: cointelegraph.com
