Bitcoin Mining Firm Cango Inc. Produces 147 BTC in One Week

Shortly after pivoting into the Bitcoin (BTC) mining sector, NYSE-listed Bitcoin miner Cango Inc. (CANG) produced 147 BTC in one week. This brings its total holdings to 4,387.1 BTC, which is valued at over $509 million, according to the company’s published statement. Cango Plans For Full Bitcoin HODL In addition to the news of its 147 BTC production , Cango ensured that the public and members of its ecosystem were informed that the coins would remain in “full HODL” mode for the year. While retaining mined BTC is not an uncommon occurrence amongst miners, it mirrors the playbook that Strategy, formerly MicroStrategy, has leveraged since 2020 when it first decided to accumulate Bitcoin. Moreover, the decision is notable because of the surge in sales seen this month. As part of its transition from auto finance to BTC mining, Cango has also completed a board and management overhaul. As a result, Peng Yu is now serving as the CEO, supported by other veterans in the crypto industry. Bitcoin Miners Deposit 16,000 BTC in Exchanges Blockchain analytics platform CryptoQuant noted that miners had deposited a total of 16,000 BTC to crypto exchanges as of July 18. This huge holding is worth approximately $1.84 billion at the current price of the flagship cryptocurrency. They may have been attempting to capitalize on market highs to secure revenue and balance operational expenses. Notably, the Bitcoin price climbed to around $123,000 at that time but has since retracted to $115,109.79, according to CoinMarketCap’s price charts. Bitcoin Mining Sector Sees Progress and Sustainability It is worth noting that this update comes less than a month after Cango completed the acquisition of 18 exahashes per second (EH/s) of active hashrate from Antalpha, an affiliate of Bitmain. This purchase significantly contributed to boosting its installed capacity to approximately 50 EH/s. The feat positioned Cango as the third publicly traded miner, after Marathon Digital and CleanSpark, to reach the 50 EH/s mark. Amidst Cango’s progress, other firms have been working on their operations and bagging partnership deals. At the beginning of July, Tether partnered with Adecoagro to explore the use of clean energy for Bitcoin mining. The project is part of a broader global trend where countries and large mining firms are transitioning to clean and renewable energy sources to generate power. The post Bitcoin Mining Firm Cango Inc. Produces 147 BTC in One Week appeared first on TheCoinrise.com .

Source: The Coin Rise