Cango Miner Sells Bitcoin, Deleverages for Energy & AI
Bitcoin & Crypto News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Bitcoin miner Cango makes strategic moves, selling 2000 BTC to pay off debt, reducing production costs by 19% to $68,215 per coin. They switch to a leaner setup, focusing on steady margins amid Bitcoins price volatility. Cango sold BTC in March at $68-69K, netting $137M to pay off loans, leaving $30.6M outstanding. They hold 1025.69 BTC in treasury, ranking 6th by hashrate. Stock rose 3.44% pre-market but is down 72% YTD. Cango deleverages, aiming for energy and AI infrastructure, while competitors tighten belts. Meanwhile, Michael Saylors Strategy buys $330M BTC at $67,718 each.
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