Bitcoin mining company Cango made about $ 100.5 million worth of Bitcoin in two months following its entire pivot on crypto mining, the company announced on June 3.
Cango Mined 954.5 Bitcoin (Btc) After going all over to mining. Of the total haul, 470 BTC was mined in April and 484.5 BTC in May.
It follows the cango Sumang -right to sell legacy China’s operations to a creature associated with Bitmain in a bid dedicated only to Bitcoin mining in early April.
Earlier in May, Cango reported It mines 1,541 BTC in the first quarter of 2025, worth nearly $ 162 million at the time of publication.
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A rapid expansion of operation
Cango said it operates on an average hashrate of nearly 30 exahashes per second in April and May. In Bitcoin mining, the hashrate refers to the number of cryptographic hashes that a miner can calculate every second.
Predicting and reviewing is a great description for operations that are intensive computing involved in miners. They calculate the block hash they want to create while changing a small amount of data until they find a hash that is appropriate to confirm a block in exchange for new Minted Bitcoin.
The higher the hashrate, the greater the likelihood of solving a block and earning newly issued BTC under the proof-of-work consent system.
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The founders cut off the deal with endless treasure
Cango separately announced That two co-founders, Xiaojun Zhang and Jiayan Lin, signed a deal to sell 10 million of their high-vote class B to endure wealth capital for $ 70 million. The deal is still pending the shareholder’s approval.
The company will maintain the 20-vote-per-share status of the shares. The founders will also convert all of the remaining Class B stock to one-vote class of a stock.
After the Deal closes, the patience of wealth capital will get voting control with more than half of the total votes, or less than 37% if Cango issues share a stock-rig stock. However, the company will only hold under 5% of equity equity.
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