Chinese Conglomerate Reports Record Bitcoin Production

Cango (CANG), the former auto financing giant turned Bitcoin miner, has reported a 【45% monthly increase】 in BTC production, mining 650.5 coins in July compared to 450 in June. This marks the company's strongest performance since completing its $256 million acquisition of Bitmain mining equipment last November.

From Car Loans to Crypto Mining

The Shanghai-based company now holds 4,529.7 BTC worth approximately $512 million, placing it among the top 20 corporate Bitcoin holders globally. ——This strategic pivot appears to be paying dividends—— as the firm leverages its existing infrastructure to capitalize on digital asset growth.

Industry analysts note the production surge coincides with Cango's deployment of 32 EH/s worth of mining capacity. Interestingly, this expansion comes despite China's 2021 ban on cryptocurrency mining operations, suggesting the company may be operating through overseas subsidiaries or special economic zones.

Market Reaction and Industry Context

Cango's stock has shown remarkable resilience, gaining 158% over the past 12 months despite broader market volatility. The share price rally began shortly after the company announced its mining pivot last fall, though performance year-to-date remains negative.

Farside Investors recently added Cango to its miner dashboard while removing Hut 8, citing transparency concerns. ——The move underscores how quickly new players are reshaping the mining landscape—— as established firms face increasing competition.

Geopolitical Considerations

The company's continued Chinese headquarters raises questions about operational logistics, given Beijing's strict crypto policies. However, industry insiders suggest many Chinese miners have simply relocated equipment to neighboring countries while maintaining domestic corporate structures.

【Data point】: Cango's July production represents approximately 0.3% of the entire Bitcoin network's monthly output, demonstrating the company's growing influence despite its recent entry into the sector.

Future Outlook

With Bitcoin's mining difficulty at all-time highs, Cango's ability to maintain this production pace will test its operational efficiency. The company's success could encourage other traditional firms to consider similar pivots, particularly in regions with abundant renewable energy resources.

As of press time, Cango had not disclosed specific details about its mining locations or energy sources. This information gap leaves room for speculation about how the company navigates China's complex regulatory environment while scaling its crypto operations.