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Cango Inc. Marks One Year of Bitcoin Mining Transformation
Cango Inc. has reached the one-year mark of transitioning into a Bitcoin mining operation. CEO Paul Yu highlighted this milestone, focusing on Cango's aim to provide energy-secured HPC services. The transition began in November 2024, using Bitcoin mining to secure energy access and operational expertise.
Within eight months, Cango scaled to a 50 EH/s platform by acquiring substantial mining machines. The company moved away from its China-based assets to focus on mining. A new management team was brought in to guide this shift.
The financial results were notable, with Q2 2025 seeing $139.8 million in revenue. Cango expanded its operations globally, recently acquiring a facility in Georgia to boost operational control. The company's Bitcoin holdings reached over 6,400 BTC.
Looking forward, Cango plans to expand into energy and AI HPC markets, improving operations with lower energy costs and increased mining efficiency.
R. H.
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