Since focusing on bitcoin mining three months ago, Chinese company Cango (CANG) has significantly increased its cryptocurrency output, indicating that its acquisition of Bitmain mining machines has bolstered production capacity in a competitive industry.
According to Farside Investors, Cango produced 650.5 bitcoins in July, a significant increase from 450 in June. Farside has also added Cango to its miner dashboard.
As reported by Cointelegraph, Cango mined a total of 954.5 bitcoins in the first two months after its transition.
Cango currently holds 4,529.7 bitcoins, valued at approximately $512 million, ranking among the top 20 publicly traded holders of bitcoin.
The surge in production is attributed to Cango's $256 million purchase of Bitmain mining machines, acquiring 32 EH/s of computing power. This deal is part of a $400 million investment strategy announced last November, marking Cango's official transition from automotive financing to bitcoin mining.
Despite a recent drop in stock price, Cango's shares have risen 158% since last autumn when it announced its foray into bitcoin mining.
Before the transition to cryptocurrency, Cango primarily operated as a Chinese automotive financing platform.
It is noteworthy that Cango's headquarters remains in China, which has a complicated stance on cryptocurrency.
