Cango Goes All-In: Bitcoin Mining Now Core Business as Legacy Operations Shut Down
Cango just blasted its old business model to bits—the company finalized its full pivot into Bitcoin mining today. No more half-measures.
Why mine gold when you can print money?
The move comes as institutional players continue flooding into crypto infrastructure. Cango’s shift mirrors Marathon Digital’s playbook—but with Wall Street’s patience for unprofitable miners wearing thinner than a satoshi.
Can they outcompete Bitfarms and Riot in the hashrate wars? Only the energy markets (and their power purchase agreements) will tell.
New leadership
To strengthen its Bitcoin mining operations, Cango has undertaken a significant overhaul of its leadership, with changes to the board of directors and senior management.
Among those to take up leadership roles in the new team include Peng Yu as chief executive officer and director, Xin Jin as chairman of the board and non-executive director and Yongyi Zhang as chief financial officer.
Meanwhile, Xiaojun Zhang and Jiayuan Lin have resigned as director and chairman, and chief executive officer respectively.
“This leadership team gives Cango the right mix of skills to execute our next phase of growth,” new CEO Peng noted. “Having successfully transformed into a Bitcoin miner, we have already made remarkable progress in the past 7 months by becoming one of the largest Bitcoin miners in the world.”
Exit China, become a Bitcoin miner
Cango, founded in 2010, operated as a China-based car financing platform.
However, it has since sold the automotive business, with its pivot to mining seeing it grow its mining fleet considerably. The hash rate has increased to 50 EH/s following a recent acquisition, which is being deployed for mining operations across four continents.
The miner, whose pivot means it now competes against top BTC mining companies such as MARA, Riot and CleanSpark, managed 1,541 Bitcoin mined in the first quarter of 2025. Its total of over 4k BTC is up from around 3,430 at the end of May.
In comparison, Bitcoin Treasuries data shows MARA currently holds 50,000 BTC.
