Cango Mines 153.2 BTC, Becomes a Leading Bitcoin Miner

Cango has advanced to become the fourth-largest public Bitcoin miner in North America, amassing a total of 5,126.8 BTC. Transitioning from an automotive service provider, Cango now operates with over 50 EH/s mining capacity.

Cango, a former automotive service provider, transitioned into a major Bitcoin mining entity, adding 153.2 BTC to its holdings, totaling 5,126.8 BTC, as of July 23, 2025.

Cango’s shift to Bitcoin mining marks a strategic realignment within the industry, enhancing its position against Marathon Digital and CleanSpark. The company’s increased BTC holdings, highlights significant progress for North American mining competitiveness.

New Leadership Driving Digital Transformation

Cango officially completed its transformation into a global Bitcoin mining company, solidifying its status as North America’s fourth-largest public Bitcoin miner. Former CEO Xiaojun Zhang exited, and strategic appointments included Xin Jin as Chairman and Peng Yu as CEO.

Cango Inc. today announced its transformation into a global Bitcoin miner with the appointment of a new Board of Directors and senior management team with deep expertise in digital-asset infrastructure, finance, and energy investments. — Xin Jin, Chairman, Cango

Chang-Wei Chiu joined as Director, with Yongyi Zhang resuming the role of CFO. The company reached a milestone by boosting its Bitcoin holdings to over 5,126 BTC. The addition of 153.2 BTC this week further positions Cango favorably within the competitive mining landscape.

Strategic Shift and Industry Impact

Cango’s pivot from the automotive sector is reminiscent of major shifts by companies like MicroStrategy, though more operationally focused. The capital structure remains unclear but aligns with entities tied to Bitmain. Key financial and mining infrastructure advancements are significant for its operational model.

Pressure points include technological upgrades, key to Cango’s mining strategy, regulatory compliance, and sustaining their over 50 EH/s hashrate. As on-chain metrics do not indicate major shifts, emphasis remains on energy-efficient expansions utilizing renewable sources in future operations. Despite the unchanged broader cryptocurrency market, investor reactions remain cautious. Technological integration and infrastructure expansion support future growth, aligning with global digital asset strategies, and reinforcing Cango’s sector influence.

Long-term Outlook and Market Perception

While the market absorbs these changes, financial experts will critically observe Cango’s alignment with global energy trends, alongside evolving government regulations on cryptocurrency activities. The outcome is likely to affect long-term mining and investment strategies worldwide.

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