Chinese firm Cango Inc. announced a substantial surge in its Bitcoin mining production, mining 650.5 BTC in July.
This output represents a significant 44.4% increase compared to the 450 BTC mined in the previous month of June.
The company attributes this growth primarily to a major investment in mining infrastructure and its ongoing strategic shift away from auto financing towards Bitcoin mining.
As a result of its production and accumulation, Cango currently holds a treasury of approximately 4,529.7 BTC.
Based on current market valuations, this substantial Bitcoin reserve holds an approximate value of $512 million.
The surge in production capacity was enabled by Cango securing a significant dedicated hashrate of 32 exahashes per second (EH/s).
This was achieved through a strategic $256 million investment in mining equipment procured from manufacturer Bitmain.
Cango’s accelerated pivot and accumulation of Bitcoin reserves have positioned the company among the top publicly traded holders of Bitcoin globally.