Cango Bitcoin mining jump 44.6% for July, treasury don hit 4,529.7 BTC
Cango don boost im Bitcoin mining work sharp sharp after e sell im auto financing business, e July output don shoot reach 650.5 BTC, na increase by 44.6% from June. Dem come buy Bitmain rigs worth $256 million, add 32 EH/s, bring the deployed hashrate to 50 EH/s and average operating hashrate to 40.91 EH/s. Cango Bitcoin treasury don climb reach 4,529.7 BTC (~$512 million), make dem among top 20 public holders. CEO Paul Yu want make mining sites and energy infrastructure one kind vertically to support future Bitcoin mining growth. This move show say Cango dey serious for digital assets, as shares don jump 158% for past one year even when China dey tough on crypto. Traders suppose watch how the increase for Bitcoin mining capacity fit affect network security and BTC supply balance.
Bullish
For short term, Cango increase di Bitcoin mining output plus added hashrate fit make BTC supply tighten and make network security strong, wey dey usually support price to rise. For long term, im growing treasury and plans for vertical integration show say im production go steady and operational cost no go high, tins traders dey see as positive market fundamentals. Historically, when big players increase mining capacity, e dey relate to better market confidence and price stability. All these combined factors mean say Bitcoin trading get better chance to go up.