Recently, miner Cango has been adjusting its strategy, directly cutting about 30% of its mining capacity. They have reduced the hash rate from the previous 50 EH/s down to 34.55 EH/s, which is quite a significant drop. It is said that the main reason is that the profit margins for mining have been severely squeezed recently, so this move is aimed at optimizing equipment operation efficiency and trying to improve the cost structure by reducing mining scale.

This reflects that miners are indeed having a tough time now. Large mining companies are starting to cut back, indicating that the overall profitability pressure in the industry truly exists. Cango's move might just be the beginning, and there could be more miners following with similar adjustments in the future.