Cango promotes Bitcoin mining output, adds 650 BTC in July star-news.press/wp

Three months after its auto financing unit is stripped to focus on Bitcoin mining, the Chinese company Cang (Cang) has intensified the encryption production significantly, indicating that its acquisition of Bitmain mining platforms enhances its capacity amid intense competition in the industry.

Canggo 650.5 Bitcoin (BTC) in July produced a sharp increase of 450 BTC in June, according to Farside Investors data. Farside also indicated that Cango added to the MINER information board while removing the HUT 8 due to the lack of monthly production disclosure.

As CointeleGRAph said, Cango extracted 954.5 BTC in April and May – in the first two months after his full transfer to Bitcoin Mining.

Cango now has 4,529.7 BTC, at a value of approximately $ 512 million, which puts it among the 20 best bitcoin holders publicly traded. Industry data He appears It is close to companies like Gamestop and ProCAP BTC.

The increase in production follows the purchase of Cango with a value of $ 256 million from Bitmain mining platforms, 32 Exhashes in the second (EH/S) of the hash. The deal, Declare Last November, as part of a wider investment strategy 400 million dollars, the Kango official axis of car financing to bitcoin mining.

The company’s transformation was part of a broader diversification strategy aimed at taking advantage of the growth of digital assets. Kango said she had benefited from the current infrastructure and her experience in managing digital assets to push its axis to bitcoin mining.

Related to: Difficulty Bitcoin mining strikes ATH, but is expected to decrease in August

The Kango Axis is placed in the transparent spotlight

Despite the recent decrease in the share price and negative performance throughout the year, Canggo shares have increased by 158 % over the past 12 months. Many of this momentum began last fall, when the company announced that it pushed bitcoin mining.

Before the transmission of encryption, Cango was mainly known as the Chinese auto financing platform, providing loans for consumers and facilitating the export of vehicles online. The company went publicly in 2018.

It is worth noting that Cango is still its headquarters in China, a country that has a complex position and is often restricted on encrypted currencies. Bitcoin mining was actually banned in China in mid -2011.

As Galaxy Research I mentioned At that time, government restrictions on the mainland led to the main righteousness to neighboring countries such as Kazakhstan, as well as to North America, as part of a more strategic transformation in mining production.

magazine: China mocks American encryption policies, new dark markets in Telegram: Asia Express