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One of the largest mining firms globally, Cango, has deactivated equipment accounting for approximately 30% of its hash rate, attributing this decision to infrastructure optimization. In February, the company’s operational hash rate was 34.55 EH/s against an installed capacity of 50 EH/s.
The company cited several additional factors that influenced the decision to reduce its hash rate: upgrading some of its equipment, selling certain installations, and relocating operations to areas with lower electricity costs.
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In February, Cango mined 454.83 bitcoins, and the company’s cryptocurrency reserves totaled 3313.4 BTC at the end of the month. A significant portion of the company’s equipment consists of Antminer S19 XP ASIC miners produced by Bitmain, located at sites managed by the manufacturer itself.
In early February, Cango sold 4451 bitcoins on the open market, which represents about 60% of its accumulated cryptocurrency reserves. Simultaneously, the company announced plans to expand its business by entering the market for services aimed at artificial intelligence operators.
Previously, the large American mining company Core Scientific announced its intention to sell all of its 2537 bitcoins, citing the desire to invest in expanding capacities for AI needs.
