The Bitcoin mining company Cango announced on June 3 that in the two months since fully transitioning to cryptocurrency mining, the company has produced Bitcoin worth nearly $100.5 million.
Cango has mined a total of 954.5 Bitcoin (BTC) since fully committing to mining. Of this, 470 BTC were mined in April and 484.5 BTC in May.
This move follows Cango's agreement in early April to sell its traditional business in China to an entity associated with Bitmain, in order to focus on Bitcoin mining.
In early May, Cango reported that it had mined 1,541 BTC in the first quarter of 2025, valued at approximately $162 million at the time of publication.
Cango stated that its average hash rate in April and May was close to 30 exahashes per second. In Bitcoin mining, hash rate refers to the number of cryptographic hashes a miner can compute per second.
"Guessing and checking" is a fitting description of the computationally intensive operations miners engage in. They calculate the hash value of the block they want to create while altering a small amount of data until they find a suitable hash value to confirm the block, in exchange for newly minted Bitcoin.
The higher the hash rate, the greater the chance of solving blocks and earning newly issued BTC under the proof-of-work consensus system.
Cango also announced that its two co-founders, Xiaojun Zhang and Jiayuan Lin, have signed an agreement to sell 10 million shares of high-vote Class B stock for $70 million to Enduring Wealth Capital. The transaction is still subject to shareholder approval.
The company will retain the voting power status of these shares at 20 votes per share. The founders will also convert all remaining Class B shares into Class A shares with one vote per share.
Upon completion of the transaction, Enduring Wealth Capital will gain control of more than half of the total voting power, although this control may drop below 37% if Cango issues stock for mining equipment. Nevertheless, the company holds less than 5% of the economic equity.
Related: Moody’s Report: Rapid Growth of Tokenized Funds Reaches $5.7 Billion
Original: “Cango Mined Over $100 Million in Bitcoin (BTC) Within Two Months of Transitioning to Mining”
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