Chinese conglomerate Cango has cemented its position as a major Bitcoin mining player after adding a massive 650 BTC to its holdings in July alone, propelling the company into the exclusive top-20 ranking of public Bitcoin holders worldwide.
Rapid Expansion Drives Production Surge
Cango’s explosive growth trajectory stems from strategic capacity additions, including the acquisition of an additional 18 EH/s from Bitmain’s financing arm Antalpha, bringing the company’s total installed capacity to 50 EH/s. The company officially launched full Bitcoin mining operations in April 2025 and has been steadily scaling its capabilities since then.
The dramatic accumulation brings Cango’s total Bitcoin treasury to over 4,500 BTC, representing a significant milestone for the company that only recently pivoted from auto finance to cryptocurrency mining. The transformation has proven remarkably successful, with Cango achieving a realized hashrate of 40.7 EH/s in July – a substantial 36.67% increase from the previous month.
Network Hashrate Hits Historic High
Cango’s expansion coincides with the Bitcoin network reaching unprecedented computing power, with the monthly average hashrate setting a new record above 900 EH/s in July. The network’s seven-day moving average hashrate crossed 950 EH/s for the first time, underscoring the continued buildout of mining infrastructure despite recent market volatility.
The surge in network security comes as other major mining companies showed mixed results. While industry leaders MARA and CleanSpark experienced moderate declines in realized hashrate of approximately 7% in July, smaller operators like Cipher Mining posted strong gains, with a 26.46% increase in production.
Market Context and Implications
The development highlights the ongoing maturation of Bitcoin’s mining ecosystem, even as the broader cryptocurrency market faces headwinds. Bitcoin was trading at $113,906 as of Tuesday, with institutional investors continuing to accumulate despite short-term price volatility.
Cango’s rapid ascent demonstrates how quickly new entrants can establish a significant market presence in the Bitcoin mining sector, particularly when backed by substantial capital investment and strategic partnerships with equipment manufacturers like Bitmain.
The company’s success also underscores the global nature of Bitcoin mining, with Chinese firms maintaining significant operations despite regulatory uncertainties in their home market. As Bitcoin’s total supply approaches its 21 million cap over the coming decades, the competition among mining companies for market share continues to intensify.
