Cango Inc., a China-based auto trading platform, has significantly boosted its Bitcoin mining operations, amassing a total of 933.8 BTC as of December 2024. This accumulation, worth approximately $91 million, underscores the company’s increasing involvement in the cryptocurrency space.
In its latest production update, Cango reported notable growth in its mining activities. During December, the company mined 569.9 BTC, marking a sharp 56% increase compared to the 363.9 BTC produced in November. This uptick demonstrates the company’s efforts to expand its mining capabilities effectively.
The company’s hashrate, a measure of computational power used for mining, remained steady at 32 EH/s by the end of December. Additionally, its average operating hashrate showed a slight improvement, rising to 30.4 EH/s from November’s 29.8 EH/s. This reflects a 2% growth on a quarter-on-quarter basis, highlighting consistent advancements in its mining infrastructure.
JUST IN: ???????? Chinese publicly traded company Cango Inc now holds 933.8 #bitcoin worth $91 million. pic.twitter.com/6zAuOdaIzd
— Bitcoin Magazine (@BitcoinMagazine) January 2, 2025
Cango’s Bitcoin holdings now account for nearly half of its market capitalization, signaling the company’s strategy to retain mined Bitcoin. This approach aligns with its broader focus on Bitcoin as a long-term value reserve.
The timing of this development is notable, as the next Bitcoin halving event, which historically impacts Bitcoin’s supply and market dynamics, is scheduled for April 2024. Cango’s decision to retain its mined Bitcoin could potentially position it advantageously among mid-tier mining companies as the market reacts to the halving event.
In the broader market, Bitcoin maintains its strong position as the leading digital asset. The BTC price is currently trading at $98,215.59, with a market capitalization of $1.94 trillion. With more companies like Cango venturing into mining and retaining substantial Bitcoin holdings, BTC price could benefit further.
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