Bitcoin mining is the network-wide competition through which cryptographic solutions are generated that match specific criteria. Correct solutions are rewarded in the form of Bitcoin and fees to miners who manage to solve the problem first. Mining is done by miners using hardware and software to generate this solution.
Cango Inc. (NYSE: CANG) is one of the top 5 publicly listed Bitcoin miners in the world. Formerly an automotive transaction business, the company has embarked on a bold restructuring to fully embrace its new identity as a leading global Bitcoin mining company and has already made great strides in the crypto and energy sector.
New vision, new team
Earlier this year, Cango finalized the sale of its entire People’s Republic of China operations for approximately US$351.94 million in cash, signaling a decisive exit from its legacy market. Following this, on June 2, 2025, Cango’s co-founders sold 10 million Class B ordinary shares to Enduring Wealth Capital Limited for US$70 million, reducing founder control and aligning the company with institutional governance standards.
The transformation culminated on July 23, 2025, with the appointment of a new leadership team, including Mr. Xin Jin as Chairman and Non-Executive Director, Mr. Peng Yu as CEO and Director, Mr. Chang-Wei Chiu as Director, Mr. Yongyi Zhang as CFO, and Mr. Simon Ming Yeung Tang as CIO. This leadership lineup, with expertise in digital-asset infrastructure, finance, and energy investments, underscores Cango’s commitment to driving innovation in the global digital asset space.
Operational excellence in an asset-light model
Cango operates an asset-light growth model, scaling quickly through colocation/on-rack deployments while selectively acquiring sites to secure long-term energy diversity and infrastructure access. This asset-light approach allows the company to better manage capital expenditure and acquire sites that have diversified energy sources, which can be leveraged as part of its growing expertise in the energy sector.
Operationally, the company has achieved significant production milestones. Cango’s deployed hashrate surged to 50 EH/s following a series of acquisitions in July. During the month, the company produced 650.5 Bitcoins, with an average daily production of 20.99 Bitcoin
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Author: AMBCrypto Team
