Cango Inc., a publicly listed firm listed on the New York Inventory Alternate, has accomplished its transformation right into a Bitcoin miner.
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- Based in China in 2010, Cango Inc. is listed within the NYSE.
- The corporate beforehand operated the automotive enterprise, however in November 2024 introduced its pivot for Bitcoin mining.
- CANGO holds over 4,000 BTC and has a fleet capability of fifty exahashes per second.
Cango, a US-listed Chinese language firm that introduced plans to pivot into Bitcoin (BTC) mining corporations in November 2024, has confirmed it’s at the moment absolutely transitioned. The corporate introduced its milestone on July 23, 2025, noting that progress in direction of this purpose consists of notable development from the Bitcoin Treasury.
The corporate at the moment has over 4,000 BTC and says it plans to develop its capability by greater than 50 exhaush per second. Cango can also be mined with inexperienced power.
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New Management
To strengthen its Bitcoin mining operations, CANGO has been modified to board and senior administration, and has undergone a serious management overhaul.
Amongst those that will take management roles within the new crew are Peng Yu as CEO and Director, Board Chairman and Non-Govt Director Yongyi Zhang as Chief Monetary Officer.
In the meantime, Xiaojun Zhang and Jiayuan Lin have resigned as supervisors and chairman and chief executives, respectively.
“This management crew offers Cango the appropriate mixture of abilities to hold out the following section of development,” mentioned new CEO Peng. “We’ve already made unbelievable progress by changing into one of many world's largest Bitcoin miners within the final seven months, as we efficiently transformed it to Bitcoin miners.”
Go away China and change into a Bitcoin Miner
Based in 2010, Cango operates as a China-based automotive financing platform.
Nevertheless, since then, they’ve been promoting the automotive enterprise and have offered pivots to see the mining business develop its mining fleet considerably. The hashrate has risen to 50 EH/s, following the latest acquisition. It’s being deployed for mining operations throughout 4 continents.
Minor means pivot and now competed with high BTC mining corporations akin to Mara, Riot and Cleanspark, managing 1,541 Bitcoin within the first quarter of 2025.
Compared, Bitcoin Treasuries information exhibits that Mara at the moment has 50,000 BTC.
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