Bitcoin miner Cango generates 147 BTC in a week, joins 50 EH/s club with holdings above 4,380 BTC
Quick Take
- Cango mined 147 BTC this week, raising its treasury to 4,387.1 BTC while maintaining a zero‑sale policy.
- After adding 18 EH/s from Antalpha, Cango’s 50 EH/s fleet places it behind only Marathon Digital and CleanSpark among publicly traded miners in terms of computational power.
NYSE-listed Bitcoin miner Cango Inc. (CANG) produced 147 BTC this week, lifting its total holdings to 4,387.1 BTC valued at over $509 million, the company said Friday, noting it remains in “full HODL” mode with no coins sold this year.
Retaining mined coins is not a new concept among BTC miners. However, the decision stands out after a surge in sales this month. According to CryptoQuant, miners deposited around 16,000 Bitcoins, worth $1.86 billion at current prices, to exchanges as of July 18, likely capitalizing on market highs to secure revenue and balance operational expenses.
The update comes less than a month after Cango finalized the purchase of 18 exahashes per second of active hashrate from Bitmain‑affiliate Antalpha, boosting its installed capacity to about 50 EH/s.
Exahashes per second measures the computational power used in Bitcoin mining, indicating how many hash calculations a mining rig or network can perform each second. Higher EH/s means greater mining capacity, bettering the chances of solving complex mathematical problems to validate transactions and earn BTC rewards.
Achieving that milestone makes Cango only the third publicly traded miner, after Marathon Digital and CleanSpark, to reach the 50 EH/s mark.
Earlier this week, Cango completed a board and management overhaul as part of its pivot from auto finance to BTC mining. The newly restructured board is now chaired by Xin Jin, founder and CEO of Antalpha, a financial services platform backed by Bitmain.
The firm appointed Peng Yu as CEO and filled key CFO and CIO roles with industry veterans to steer its expansion and treasury strategy. CEO Peng Yu said the new team’s mandate is to “scale beyond the 50 EH/s already deployed” and grow Cango’s bitcoin reserves while exploring green‑energy projects.
Bitcoin fluctuated around $116,000 after a 2% drop, which analysts attribute to billions in whale selloffs via Galaxy Digital, according to The Block's price page.
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