Cango Bitcoin mining jumps 44.6% in July, treasury hits 4,529.7 BTC
Cango has accelerated its Bitcoin mining operations after divesting its auto financing business, boosting July output to 650.5 BTC, up 44.6% from June. The purchase of $256 million in Bitmain rigs added 32 EH/s, lifting deployed hashrate to 50 EH/s and average operating hashrate to 40.91 EH/s. Cango’s Bitcoin treasury climbed to 4,529.7 BTC (~$512 million), placing it among the top 20 public holders. CEO Paul Yu aims for vertical integration of mining sites and energy infrastructure to support future Bitcoin mining expansion. The pivot underscores Cango’s commitment to digital assets, with shares rallying 158% over the past year despite China’s strict crypto stance. Traders should watch how increased Bitcoin mining capacity may affect network security and BTC supply dynamics.
Bullish
In the short term, Cango’s surge in Bitcoin mining output and added hashrate may tighten BTC supply and bolster network security, often supporting upward price pressure. Over the long term, its growing treasury and plans for vertical integration suggest sustainable production and stable operational costs, factors that traders associate with positive market fundamentals. Historically, increased mining capacity by major players has correlated with enhanced market confidence and price resilience. These combined factors indicate a bullish outlook for Bitcoin trading activity.