Latest news with #PaulYu
Yahoo
06-08-2025
- Business
- Yahoo
Cango sees 45% surge in July bitcoin production, hashrate expands to 50 EH/s
Cango (NASDAQ: CANG) announced today that it mined 650.5 Bitcoin in July, up 45% from 450 BTC in June. Cango's deployed hashrate increased from June's 32 EH/s to 50 EH/s, while its average operating hashrate climbed to 40.91 EH/s in July from 29.92 EH/s in June. Cango's bitcoin treasury grew to 4,529.7 BTC by month's end, up from 3,879.2 BTC in June, and Cango did not sell any bitcoin during the month. Paul Yu, CEO and Director of Cango, said, 'With a new and experienced management team now onboard and growing Bitcoin treasury holdings from mining operations, we are now focused on laying the foundation for our vertical integration to transition towards a more diversified and resilient portfolio of mining sites and energy infrastructure.' Recently Cango went through a major leadership shakeup which placed several industry veterans in charge of the time of publication, CANG hasn't moved in pre-market hours. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Cision Canada
05-08-2025
- Business
- Cision Canada
Cango Inc. Announces July 2025 Bitcoin Production and Mining Operations Update
HONG KONG, Aug. 5, 2025 /CNW/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company") today published its Bitcoin production and mining operations update for July 2025. 1. Unaudited, estimated. 2. As of month-end. 3. Average over the month. Note: Cango holds Bitcoin for the long term and does not currently intend to sell any of its Bitcoin holdings. Paul Yu, CEO and Director of Cango, commented, "With the addition of 18 EH/s at the end of June, our deployed hashrate expanded to 50 EH/s in July and allowed us to deliver a 45% month-over-month increase in Bitcoin producted to 650.5. Average operating hashrate of 40.91 EH/s throughout the month underscores our robust operational efficiency and significant growth potential as we continue to scale. This strong performance not only demonstrates our commitment to execution but also fuels our ambition to accelerate future production." "With a new and experienced management team now onboard and growing Bitcoin treasury holdings from mining operations, we are now focused on laying the foundation for our vertical integration to transition towards a more diversified and resilient portfolio of mining sites and energy infrastructure." About Cango Inc. Cango Inc. (NYSE: CANG) is primarily engaged in the Bitcoin mining business, with operations strategically deployed across North America, the Middle East, South America, and East Africa. The Company entered the crypto asset space in November 2024, driven by advancements in blockchain technology, the growing adoption of digital assets, and its commitment to diversifying its business portfolio. In parallel, Cango continues to operate an online international used car export business through making it easier for global customers to access high-quality vehicle inventory from China. For more information, please visit: Investor Relations Contact
France 24
19-05-2025
- Business
- France 24
Nvidia unveils plan for Taiwan's first 'AI supercomputer'
Global semiconductor chip giants have gathered in Taiwan for the island's top tech expo, Computex, as the sector grapples with the impact of US tariffs and disrupted supply chains. Huang said Nvidia would work with Taiwanese tech giants Foxconn and TSMC as well as the government to build Taiwan's "first AI supercomputer .. for the AI infrastructure and AI ecosystem". "Having a world-class AI infrastructure in Taiwan is really important," Huang said in a keynote addresss on the eve of Computex. The four-day event will draw computer and chip companies from around the world to Taiwan, whose semiconductor industry is critical to the production of everything from iPhones to the servers that run ChatGPT. Taiwan produces the bulk of the world's most advanced chips, including those needed for the most powerful AI applications and research. Top executives from Qualcomm, MediaTek and Foxconn will also speak at Computex, where advances in moving AI from data centres into laptops, robots and cars will be in the spotlight. "From Agentic AI driving smarter personal devices to Physical AI reshaping autonomy, the show maps out the next frontier," specialist research firm Counterpoint said in a note. Tech expert Paul Yu told AFP the industry was at a "critical juncture" for AI hardware development. "Over the past two and a half years, significant investment has driven rapid advances in AI technology," said Yu, of Witology Markettrend Research Institute. "2025 to 2026 will be the crucial period for transitioning AI model training into profitable applications." 'Taiwan to continue to thrive' While US tariffs were the biggest issue facing the sector, most companies at Computex "will shy away from addressing tariffs directly as the situation is too uncertain," said Eric Smith of specialist platform TechInsights. Last month, Washington announced a national security probe into imports of semiconductor technology, which could put the industry in the crosshairs of President Donald Trump's trade bazooka and inflict potentially devastating levies. Since taking office in January, Trump has threatened hefty tariffs against many of America's biggest trade partners with the aim of forcing companies to move production to US soil. Export-dependent Taiwan has pledged to increase investment in the United States as it seeks to avoid a 32 percent US tariff on its shipments. But there are concerns the island could lose its dominance of the chip sector -- the so-called "silicon shield" protecting it from an invasion or blockade by China and an incentive for the United States to defend it. TSMC, the Taiwanese contract chipmaking giant, has unveiled plans to inject an additional $100 billion into the United States, on top of the $65 billion already pledged. TSMC-supplier GlobalWafers also announced plans last week to increase its US investment by $4 billion as the Taiwanese company opened a wafer facility in the US state Texas. But Huang was optimistic on Friday when asked about the impact of tariffs on Taiwan, saying the island would "remain at the centre of the technology ecosystem". "There are so many smart companies here, there are so many innovative and spirited companies," Huang said told reporters.
