Mining company Cango has announced a significant reduction of approximately 30% in its operational hashrate, which averaged 34.55 EH/s in February against a deployed capacity of 50 EH/s. This decline is attributed to various operational adjustments, including equipment upgrades and the relocation of mining operations to areas with lower electricity costs.
In February, Cango mined a total of 454.83 BTC, bringing its holdings to 3,313.4 BTC by the end of the month. The company noted that the hashrate price experienced a drop following a nearly 15% increase in mining difficulty on February 19, falling from $33-35 per PH/s per day to below $30. However, there was a brief recovery in early March when Bitcoin's price rose above $70,000.
Experts from TheEnergyMag pointed out that Cango's average hashrate cost is around $40 per PH/s per day. The company's fleet primarily consists of Bitmain's Antminer S19 XP ASIC miners, which are hosted at manufacturer-managed sites. This model allowed rapid scaling of hashrate without the need for significant investment in infrastructure, though it has also made Cango reliant on hosting rates.
