Cango's full switch to Bitcoin mining yields over $100 million in two months

the cryptocurrency mining company Cango has performed well after fully transitioning to Bitcoin mining. In the two months of April and May, a total of 954.5 bitcoins were mined, worth over $100 million. The company had previously sold its traditional business in China and focused on Bitcoin mining. Cango operates with an average hash rate of nearly 30 EH/s and had mined 1,541 bitcoins in the first quarter of this year.

At the same time, the two co-founders of Cango reached a $70 million equity deal with Enduring Wealth Capital, selling 10 million shares of high-voting Class B stock. After the transaction is completed, Enduring Wealth Capital will gain voting control of the company.