Cango reported significant revenue from Bitcoin mining following its full pivot to this activity.
Revenue Overview
Cango announced that it produced nearly $100.5 million worth of Bitcoin within two months after fully transitioning to crypto mining, mining 954.5 BTC in total, with 470 BTC mined in April and 484.5 BTC in May.
Operation Expansion
Cango stated that it operated at 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 a miner can compute per second. Higher hashrates increase the chance of solving a block and earning newly issued Bitcoin.
Deal with Enduring Wealth
Cango also announced that its co-founders, Xiaojun Zhang and Jiayuan Lin, signed a deal to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million, pending shareholder approval.
These events highlight Cango's successful pivot to Bitcoin mining and their strategic steps to improve the company's financial standing.
