Cango produced over $100M of Bitcoin in two months after mining pivot

Bitcoin mining company Cango produced nearly $100.5 million worth of Bitcoin in the two months following its full pivot to crypto mining, the company announced on June 3.

Cango mined 954.5 Bitcoin (BTC) after going all-in on mining. Of the total haul, 470 BTC were mined in April and 484.5 BTC in May.

This follows Cango agreeing to sell its legacy China operations to an entity associated with Bitmain in a bid to focus solely on Bitcoin mining in early April.

Earlier in May, Cango reported that it mined 1,541 BTC in the first quarter of 2025, worth around $162 million at the time of publication.

Cango share price. Source: Google Finance

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A rapidly expanding operation

Cango said it operated at an average hashrate of nearly 30 exahashes per second in April and May. In Bitcoin mining, hashrate refers to the number of cryptographic hashes a miner can compute per second.

Guessing and checking is a good description for the computing-intensive operation that miners are involved in. They calculate the hash of the block they want to create while altering a small amount of data until they find a hash that is suitable to confirm a block in exchange for newly minted Bitcoin.

The higher the hashrate, the greater the chance of solving a block and earning newly issued BTC under the proof-of-work consensus system.

Related: Crypto mining stocks plunge as Fed warns of ‘difficult tradeoffs’

Founders cut deal with Enduring Wealth

Cango separately announced that its two 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. The deal is still pending shareholder approval.

The company will preserve the 20-votes-per-share status of those shares. The founders will also convert all remaining Class B stock to one-vote Class A stock.

After the deal closes, Enduring Wealth Capital will gain voting control with more than half of the total votes, or less than 37% if Cango issues share-settled mining-rig stock. Still, the firm will only hold under 5% of the economic equity.

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