SHANGHAI, May 7, 2025 – Cango Inc. (NYSE: CANG), a company that mines Bitcoin, shared an update on how much it mined in April.
In April, Cango mined 470 Bitcoins. That’s a bit less than the 530 Bitcoins it mined in March. On average, the company mined about 16 Bitcoins per day in April, compared to 17 per day in March.
Even though the number of Bitcoins mined went down, the total number of Bitcoins Cango owns went up. By the end of April, Cango held 2,944 Bitcoins, up from 2,475 in March. The company’s mining power (called hashrate) stayed the same at 32 EH/s, meaning they didn’t add or remove any machines.
Why Did Mining Drop?
The main reason for the drop was a rise in global competition. More miners joined the Bitcoin network in April, which made it harder to mine new coins. In fact, the mining difficulty — a measure of how hard it is to mine Bitcoin — went up by 8% last month. That’s one of the biggest jumps seen recently.
Cango’s CEO, Jiayuan Lin, said, “The drop is temporary and caused by more miners around the world joining in. We’re still focused on building up our Bitcoin stash. Right now, the Bitcoins we hold are worth about $279 million. We believe this will help us in the long run.”
More About Cango
Cango began mining Bitcoin in November 2024. Since then, it has set up mining sites in places like North America, South America, the Middle East, and East Africa. These areas were chosen because electricity is cheaper and local rules support mining.
Before getting into crypto, Cango was already well-known in China. Since 2010, it has helped people buy cars by connecting car buyers, dealers, and lenders in one place.
