Cango increased its Bitcoin production by 44% in July

Cango mined 650.5 BTC in July, up 44% from June, after pivoting from auto financing to Bitcoin mining. The company now holds over 4,500 BTC worth $512M.

Monthly BTC Output Rises Nearly 45%

Chinese firm Cango reported strong growth in Bitcoin production, mining 650.5 BTC in July — a 44% increase from June’s 450 BTC.

This surge follows its $256 million purchase of Bitmain rigs, securing 32 EH/s in hashrate. The company transitioned fully to Bitcoin mining earlier this year after divesting its auto finance unit.

In April and May combined, Cango produced 954.5 BTC, signaling that its infrastructure investments are already paying off.

Cango Now Holds Over 4,500 BTC in Reserves

With 4,529.7 BTC valued at $512 million, Cango now ranks among the top 20 public firms holding Bitcoin. Industry analysts say the company is nearing peers like GameStop and ProCap BTC.

Despite a recent dip in share price, Cango stock is up 158% over the past year. The bullish trend began with its pivot into the crypto mining sector.

Cango remains headquartered in China, a country known for its restrictive crypto policies. Bitcoin mining was banned in 2021, prompting miners to relocate abroad.

However, Cango appears to rely on international infrastructure and digital asset expertise to sustain its mining operations amid regulatory uncertainty.