Cango company fully switches to Bitcoin mining, generating over $100 million in output in two months

According to a report by Golden Finance, cryptocurrency mining company Cango has shown impressive performance after fully transitioning to Bitcoin mining, mining a total of 954.5 bitcoins worth over $100 million in April and May. The company has previously sold its traditional business in China, focusing on Bitcoin mining. Cango's average computing power is close to 30 EH/s, and it has mined 1541 bitcoins in the first quarter of this year. At the same time, the two co founders of Cango have reached a $70 million equity deal with Enduring Wealth Capital to sell 10 million high voting Class B shares. After the transaction is completed, Enduring Wealth Capital will gain voting control of the company.