Cango Mines $100M in Bitcoin After Pivot to Crypto Mining

Cango is officially no longer just a tech company—it’s now a serious player in the Bitcoin mining game. After pivoting away from its legacy China operations in early April, Cango has mined an eye-popping 954.5 BTC, worth over $100 million, in just two months.

That’s not just impressive—it’s a big statement about the direction of the company and the state of the crypto mining industry in 2025.

Cango’s Big Bitcoin Move: By the Numbers

Let’s break down the numbers first:

• Total BTC mined (April + May): 954.5 BTC
• April production: 470 BTC
• May production: 484.5 BTC
• Estimated value (as of June 3): ~$100.5 million
• Average hashrate: Nearly 30 exahashes per second

These results came right after Cango finalized the sale of its legacy businesses to a Bitmain-affiliated entity, marking a complete transition to crypto mining.

Why This Matters: Hashrate is King

In Bitcoin mining, hashrate equals power—and Cango’s got plenty of it. Operating at nearly 30 EH/s puts Cango on the same playing field as some of the largest public miners globally.

The higher your hashrate, the more chances you have to solve blocks and earn rewards. It’s the core math behind Bitcoin mining, and Cango’s aggressive ramp-up shows they’re not here to play small.

They’ve essentially positioned themselves to consistently generate BTC at scale, even in a competitive post-halving environment where mining rewards are cut in half and margins are thin.

A Look at Cango’s Strategy

Cango’s pivot was both fast and calculated:

• Early April 2025: Cango finalized the sale of its traditional business assets.
• First quarter of 2025: Already had 1,541 BTC mined, worth around $162 million.
• Mining-only focus: Now entirely structured around building Bitcoin reserves and optimizing mining operations.

And that’s not all—Cango’s founders are reworking the company’s voting structure through a deal with Enduring Wealth Capital, transferring power without diluting economic equity.

Enduring Wealth Capital Deal: What’s Going On?

Cango’s two co-founders, Xiaojun Zhang and Jiayuan Lin, have agreed to:

• Sell 10 million Class B high-vote shares for $70 million to Enduring Wealth Capital
• Keep the 20-votes-per-share structure
• Convert remaining Class B shares to Class A (1 vote per share)

Once approved, Enduring Wealth Capital would gain voting control—holding over 50% of the voting rights while maintaining under 5% of the economic equity.

Translation: Cango’s founders are giving up control but not cashing out. The move likely sets the stage for Cango to operate more like a public, mining-focused company with institutional backing and long-term scaling ambitions.

What’s Next for Cango?

Cango’s rapid transition raises a few key points:

1. They’re betting big on BTC: Cango isn’t just dabbling. This is a full-throttle, capital-intensive move into digital assets.
2. They’re seeking legitimacy in institutional eyes: The voting deal with Enduring Wealth Capital shows they’re preparing for bigger partnerships or possibly listings.
3. The hashrate arms race is heating up: With power like this, Cango is joining a fierce competition for Bitcoin block rewards post-halving—and so far, they’re holding their own.

Final Take: Will Cango Lead the Next Wave of Public Miners?

Cango’s performance in April and May is a strong signal that they’re not just surviving post-halving—they’re thriving. With over $100 million in fresh BTC, new governance shifts, and future-facing mining infrastructure, they’re lining up to be one of 2025’s most talked-about success stories in Bitcoin mining.

If this pace holds—and if Bitcoin keeps climbing above $100K—Cango could quickly become a fixture among top global miners.

Want a deep dive on the economics of BTC mining post-halving or what Cango’s strategy tells us about global mining trends? Just let me know—I’d be happy to break it down.

FAQs

Q: How much BTC did Cango mine in Q1 2025?
A: Cango mined 1,541 BTC in Q1 2025, worth around $162 million.

Q: What is Cango’s average hashrate now?
A: Nearly 30 exahashes per second, placing it among top-tier mining companies.

Q: Who is buying voting power in Cango?
A: Enduring Wealth Capital is set to buy 10 million Class B shares for $70 million, pending approval.

Q: Does Cango plan to expand mining operations?
A: While not officially confirmed, the governance changes and strategic partnerships suggest more expansion is on the horizon.