Cango operates below capacity as Bitcoin mining profitability declines

#Bitcoin miner #Cango Inc. mining operations ran about 30% below installed capacity in February, reflecting pressure on miners as industry profitability declines. The company said its average operating hashrate was 34.55 EH/s compared with 50 EH/s of deployed capacity.

Cango attributed the lower utilization to temporary downtime related to fleet optimization, equipment upgrades, and the relocation of operations to regions with lower electricity costs.