Cango posts ‘massive’ July Bitcoin haul, boosting corporate treasury

Three months into its full Bitcoin mining pivot, Chinese company Cango mined 450 BTC in July.

Three months after divesting its auto financing unit to focus on Bitcoin mining, Chinese conglomerate Cango (CANG) has significantly ramped up crypto production, indicating that its acquisition of Bitmain mining rigs is enhancing its capacity amid intensifying industry competition.

Cango produced 650.5 Bitcoin (BTC) in July, a sharp increase from 450 BTC in June, according to data from Farside Investors. Farside also noted it has added Cango to its miner dashboard while removing Hut 8 due to a lack of monthly production disclosures. 

As Cointelegraph reported, Cango mined a combined 954.5 BTC in April and May — the first two months following its full transition into Bitcoin mining.

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