Bitcoin Mining Success: Cango Earns $100M After Strategic Pivot

Exciting news from the world of **Bitcoin mining**! Cango, a company that recently made a significant strategic shift, has reported earning over $100 million in just two months following its full pivot into dedicated **crypto mining** operations. This impressive performance highlights the potential rewards when companies focus their efforts in this sector.

Cango’s Bold Pivot and Impressive Mining Revenue

Cango announced on June 3 that its complete transition to focusing solely on **Bitcoin mining** has quickly yielded substantial results. After selling its legacy operations, the company mined a total of 954.5 BTC during April and May. At the time of the announcement, this haul was valued at nearly $100.5 million.

• In April, Cango mined 470 BTC.
• In May, production increased slightly to 484.5 BTC.

This follows an earlier report where Cango stated it mined 1,541 BTC in the first quarter of 2025, valued at approximately $162 million at the time of that publication. The consistent high volume of mined Bitcoin demonstrates the effectiveness of their new strategy.

Understanding Cango’s Hashrate Performance

A key factor in Cango’s recent success is its operational scale. The company reported maintaining an average **hashrate** of nearly 30 exahashes per second during April and May. Hashrate is a critical metric in Bitcoin mining, representing the total computational power being used to mine and process transactions on the Bitcoin network.

Think of **hashrate** as the speed and power of a miner’s equipment. A higher hashrate means a miner can perform more calculations per second, increasing their probability of solving the complex cryptographic puzzle required to add a new block to the blockchain and earn newly minted Bitcoin rewards under the proof-of-work system. Cango’s reported hashrate indicates a significant capacity in the competitive mining landscape.

Strategic Moves Beyond Mining Output

In addition to the strong **mining revenue** report, Cango made another significant announcement regarding its corporate structure. The company’s two co-founders, Xiaojun Zhang and Jiayuan Lin, have agreed to sell 10 million of their high-vote Class B shares to Enduring Wealth Capital for $70 million. This deal is pending shareholder approval.

While these shares retain their 20-votes-per-share status, the founders will convert their remaining Class B stock to one-vote Class A stock. If the deal closes, Enduring Wealth Capital is set to gain voting control, holding over half of the total votes, although they will hold less than 5% of the economic equity. This move signals a potential shift in governance structure following the company’s pivot.

Conclusion: A Successful Pivot

Cango’s rapid generation of over $100 million in **Bitcoin mining** revenue within two months post-pivot underscores the impact of their focused strategy. Combined with a high operational **hashrate** and strategic corporate adjustments, Cango appears to be successfully navigating its new path as a dedicated **crypto mining** entity. This performance provides a compelling case study for companies considering specialization in the digital asset space.