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I just saw that Cango recently adjusted its mining strategy, reducing hash power from 50 EH/s to 34.55 EH/s, a decrease of 30%.
This actually reflects the recent profitability pressure in mining, with miners optimizing costs.
Such adjustments are quite common in the mining industry; when profits decline, large miners will proactively reduce operational scale and improve equipment efficiency.
Cango is likely reevaluating its cost structure this time, after all, electricity and maintenance costs for mining are fixed.
It seems that more miners will follow with similar strategic adjustments in the future, especially given the current market conditions.
The competition in mining is indeed changing; it’s no longer just about raw hash power.