Cango suspends 30% of mining capacity amid declining profitability

Cango, a Chinese auto trading service platform that acquired BTC miners from Bitmain, announced it is temporarily suspending operations for approximately 30% of its mining capacity due to declining profitability. As a result, the company's average operating hashrate has been adjusted from 50 EH/s to 34.55 EH/s. Cango stated that the move is part of its equipment optimization efforts.