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The company produced 569.9 BTC in December, an increase of 56% compared to what was mined in November.
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Cango’s average hash rate rose from 29.8 EH/s in November to 30.4 EH/s in December.
Bitcoin mining continues to boom, which is why companies like Cango Inc. are taking significant steps to capitalize on this trend. According to its official website, the company already has 933.8 BTC, valued at about 91 million dollars. This underscores the organization’s strategic focus on diversifying its asset portfolio and expanding its role in the cryptocurrency market.
In December 2024, Cango, known for its activity in the automotive sector, announced that it had completed the purchase of cryptocurrency mining equipment with a total processing capacity of 32 exahashes per second (EH/s). The transaction, carried out with an external manufacturer of servers for mining crypto assets, had a total cost of USD 256 million paid in cash. On November 30, the company had mined 363.9 BTC.
A month earlier, the entity announced the acquisition of mining equipment with a total hash rate of 50 EH/s (valued at approximately USD 400 million), through agreements with several international sellers. At that time it was revealed that the machines were in operation in data centers outside China, mainly in the US.indicating that the company is moving its operations to countries with regulations more friendly to cryptocurrency mining.
During the month of Christmas, Cango achieved a production of 569.9 BTC, reflecting an increase of 56% compared to the BTC mined in November. Even though the organization’s mining power remained constant at 32 EH/s, the company saw a small improvement in its average operational hash rate, which went from 29.8 EH/s in November to 30.4 EH/s. s in December.
According to data from MarketWatch, Cango Inc. has a market capitalization of approximately $546.77 million. The recent acquisition of 933.8 BTC is equivalent to almost 17% of its total capitalization, highlighting the importance of cryptocurrencies in the company’s financial strategy.
Holding his Bitcoin could be a wise decision for Cango, especially with Trump’s return to the presidency on January 10. Key changes are expected in the cryptocurrency market, which could lead to new opportunities. Trump’s initiatives, such as the bill to acquire 1 million BTC and his plan to convert seized bitcoin into a strategic reserve, support expectations of a bull market in 2025.