{"id":94102,"date":"2026-02-09T20:18:18","date_gmt":"2026-02-09T17:18:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=94102"},"modified":"2026-02-09T20:22:11","modified_gmt":"2026-02-09T17:22:11","slug":"bitcoin-miner-cango-sells-4451-btc-and-announces-ai-expansion","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitcoin-miner-cango-sells-4451-btc-and-announces-ai-expansion\/","title":{"rendered":"Bitcoin miner Cango sells 4,451 BTC and announces AI expansion"},"content":{"rendered":"<p>Mining firm Cango sold 4,451 BTC on the open market, roughly 60% of its 7,476-BTC reserves.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">We&#8217;ve taken a deliberate step to support the next phase of our transformation:<\/p>\n<p>\ud83d\udcccBalance sheet optimization: Completed the sale of 4,451 BTC, generating approximately US$305 million in net proceeds to reduce financial leverage and fund future growth initiatives.<\/p>\n<p>\ud83d\udcccLeadership\u2026<\/p>\n<p>\u2014 CANGO (@Cango_Group) <a href=\"https:\/\/twitter.com\/Cango_Group\/status\/2020825388298162239?ref_src=twsrc%5Etfw\">February 9, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Settlement was in the stablecoin <a href=\"https:\/\/forklog.com\/en\/news\/what-is-tether-usdt\">USDT<\/a>. The entire proceeds\u2014about $305 million\u2014were used to repay a bitcoin-secured loan.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The sale of part of the bitcoin assets was carried out in order to strengthen the balance sheet and reduce leverage, which will provide additional opportunities to finance the company&#8217;s strategic expansion in artificial-intelligence computing infrastructure,&#8221; the press release said.<\/p>\n<\/blockquote>\n<p>After offloading a sizeable portion of its crypto reserve, Cango CEO Paul Yu outlined the next phase of the company&#8217;s strategy in a letter to shareholders.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Building on today&#8217;s Bitcoin sale update, our CEO Paul Yu shared a new Shareholder Letter outlining how we&#8217;re thinking about Cango&#8217;s next chapter.<\/p>\n<p>Over the past year, we focused on building a solid foundation\u2014scaling to 50 EH\/s, tightening operations, exiting legacy businesses,\u2026 <a href=\"https:\/\/t.co\/TVhX69gOA0\">pic.twitter.com\/TVhX69gOA0<\/a><\/p>\n<p>\u2014 CANGO (@Cango_Group) <a href=\"https:\/\/twitter.com\/Cango_Group\/status\/2020840915863208141?ref_src=twsrc%5Etfw\">February 9, 2026<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Demand for AI is growing rapidly. The capacity of power systems and grids is not. We see a widening gap in power supply and believe that a globally distributed, grid-connected infrastructure like ours can help bridge it,&#8221; the chief executive emphasized.<\/p>\n<\/blockquote>\n<p>The approach he presented envisages:<\/p>\n<ul class=\"wp-block-list\">\n<li>in the near term \u2014 deploying containerised modular solutions to run AI workloads;<\/li>\n<li>in the medium term \u2014 building a software-defined platform to integrate distributed compute into a single enterprise network;<\/li>\n<li>in the long term \u2014 scaling the initiative globally to generate stable cash flow.<\/li>\n<\/ul>\n<p>Mining operations will underpin the AI push. In crypto mining, Cango will focus on efficiency and on balancing installed hash rate (50 EH\/s) with operating capacity (~36.6 EH\/s on average last week).<\/p>\n<p>In January the company mined 496 BTC.<\/p>\n<p>At the start of February, industry players began <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miners-power-down-en-masse-as-losses-hit-records\">mass shutting down equipment<\/a> amid a <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-drop-renders-many-asic-miners-unprofitable\">drop in mining profitability<\/a>. After an <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-mining-difficulty-drops-by-11\">11% network difficulty adjustment<\/a> on 7 February and bitcoin\u2019s rebound from a local <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-60000-support-triggering-billion%e2%80%91dollar-liquidations\">low around $60,000<\/a>, hashprice recovered from about $27 per PH\/s per day to roughly $35.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"377\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-526c913c516aaf63-5873083260630928-1024x377.jpeg\" alt=\"image\" class=\"wp-image-274897\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-526c913c516aaf63-5873083260630928-1024x377.jpeg 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-526c913c516aaf63-5873083260630928-300x110.jpeg 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-526c913c516aaf63-5873083260630928-768x283.jpeg 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-526c913c516aaf63-5873083260630928.jpeg 1317w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/data.hashrateindex.com\/network-data\/btc\">Hashrate Index<\/a>.<\/figcaption><\/figure>\n<p>Not everyone is surviving at today\u2019s profitability levels.<\/p>\n<h2 class=\"wp-block-heading\">NFN8 files for bankruptcy<\/h2>\n<p>Mining company NFN8 Group and its subsidiaries filed for Chapter 11 bankruptcy protection in Texas, <a href=\"https:\/\/theminermag.com\/news\/2026-02-09\/bitcoin-nfn8-bankruptcy\">TheMinerMag<\/a> reported.<\/p>\n<p>The firm owns more than 5,000 unencumbered bitcoin-mining rigs and also operates thousands of leased machines.<\/p>\n<p>A key feature of NFN8\u2019s business was selling mining equipment while simultaneously taking it back on lease. Payments were funded by mining revenue, making the structure highly sensitive to uninterrupted equipment uptime and to hashprice.\u00a0<\/p>\n<p>A series of events worsened the firm\u2019s finances. In mid-2023, Core Scientific, <a href=\"https:\/\/forklog.com\/en\/news\/core-scientific-outlines-timeline-for-exiting-bankruptcy\">which was undergoing restructuring<\/a>, terminated a hosting agreement with NFN8. As a result, some of the machines the miner managed were temporarily switched off. After a deal with an alternative provider, about 95% of device owners agreed to revised terms.<\/p>\n<p>After the <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a> in April 2024, mining profitability fell sharply and recovered <a href=\"https:\/\/forklog.com\/en\/news\/a-year-after-bitcoins-halving-why-is-this-time-different\">significantly more slowly<\/a> than in previous cycles. By June 2024, NFN8\u2019s revenue was insufficient to cover operating costs and lease payments, which were suspended.\u00a0<\/p>\n<p>Payments resumed after a few months, but in late 2025 the company again faced liquidity problems. A fire at a leased data centre in Crystal City, Texas, cost the firm roughly 50% of its mining capacity and a similar share of revenue. The timing of insurance payouts remains unknown.<\/p>\n<p>In October 2024, three NFN8 counterparties sued it, alleging breach of contract, securities-law violations and fraud. The case was sent to arbitration. Chief restructuring officer Eric White believes the proceedings will be costly for the company and could end with debts being awarded against it.<\/p>\n<p>According to NFN8\u2019s filing, it has less than $50,000 in assets and liabilities of no more than $10 million.<\/p>\n<p>In Russia, news surfaced <a href=\"https:\/\/forklog.com\/en\/news\/reports-emerge-on-potential-bankruptcy-of-bitriver\">of the possible bankruptcy<\/a> of bitcoin miner BitRiver.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Mining firm Cango sold 4,451 BTC on the open market, roughly 60% of its 7,476-BTC reserves.<\/p>\n","protected":false},"author":1,"featured_media":94103,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Cango sells 4,451 BTC and pivots toward AI infrastructure.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[438,1300,1137],"class_list":["post-94102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-artificial-intelligence","tag-bankruptcy","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"191","promo_type":"1","layout_type":"1","short_excerpt":"Cango sells 4,451 BTC and pivots toward AI infrastructure.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=94102"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94102\/revisions"}],"predecessor-version":[{"id":94104,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/94102\/revisions\/94104"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/94103"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=94102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=94102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=94102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}