Two-Month Mining Surge Nets $100M

Cango Inc. revealed on June 3 its cryptocurrency mining operations generated 【$100.5 million】 in Bitcoin production during April and May 2025. The company mined 954.5 BTC since fully transitioning to crypto mining, with 470 BTC extracted in April and 484.5 BTC in May. This follows Cango's strategic decision to sell its Chinese operations to a Bitmain-affiliated entity in early April, marking a complete shift toward blockchain infrastructure development.

Quarterly Performance Exceeds Expectations

The mining firm previously reported extracting 【1,541 BTC】 worth approximately $162 million during Q1 2025. ——This positions Cango among the top-performing publicly traded mining operations—— according to industry analysts. The company's share price has shown notable volatility since the strategic pivot, reflecting both market optimism and cryptocurrency sector uncertainties.

30 EH/s Hashrate Powers Operations

Cango's mining infrastructure currently operates at an average computational power of 【30 exahashes per second】, significantly enhancing its block discovery probability. In proof-of-work systems, higher hashrate directly correlates with increased mining rewards. The company's technical specifications suggest it controls about 1.5% of Bitcoin's total network hashrate, based on current global estimates.

Founders' $70M Share Restructuring

In a parallel development, co-founders Xiaojun Zhang and Jiayuan Lin agreed to sell 【10 million】 Class B shares to Enduring Wealth Capital for $70 million. The transaction maintains the shares' 20-vote-per-share structure while converting remaining founder shares to standard voting stock. Post-deal, the investment firm would control majority voting power with less than 5% economic equity—a structure raising governance questions among some institutional investors.

Industry-Wide Mining Challenges Emerge

The announcement comes amid growing scrutiny of energy-intensive mining operations globally. Recent IMF concerns about Pakistan's Bitcoin mining plans and Federal Reserve warnings about crypto market stability have created headwinds for sector valuations. ——Energy costs now constitute 60-70% of operational expenses for major miners—— according to industry benchmarks, making power access and efficiency critical competitive factors.

As of press time, Cango's mining output represents approximately 【0.0045%】 of Bitcoin's total circulating supply. The company's transition from traditional business to specialized crypto mining provides a case study in corporate digital asset strategy execution, with its Q3 performance likely to determine long-term viability in the volatile sector.