By the end of 2024, the bitcoin mining industry was strongly impacted by the entry of Cango (CANG), a former Chinese company specializing in auto lending. Cango is acquiring 50 exahash per second (EH/s) of mining power, aiming to become one of the largest bitcoin miners globally. The company has spent 256 million USD for an initial 32 EH/s from Bitmain and plans to issue 144 million USD in shares for the remaining 18 EH/s. This new deal has pushed Cango's stock up over 362% and attracted new interest in the company. Cango's management views bitcoin mining as a way to optimize energy management and ultimately plans to establish its own mining operations instead of relying solely on partners like Bitmain. The company mined 363.9 BTC in November, worth approximately 35 million USD at that time.
In 2024, XRP saw significant growth, peaking at a monthly record of 2.08 USD in December and starting 2025 with an increase of 16.50%. Analysts are optimistic about XRP's prospects, especially after the favorable resolution of the legal dispute between Ripple and the SEC. They predict a second surge, similar to XRP's performance in 2017. The bullish Pennant pattern suggests a potential increase of 100% to 5 USD in the near future, while some analysts, like Tony Severino, predict higher targets of up to 13 USD, representing a 440% increase. However, they also caution that these targets are ambitious and not guaranteed.
The cryptocurrency world is witnessing many notable changes, and recent developments are just a small part of the overall picture unfolding. This industry will certainly continue to be a beacon of innovation and challenges in the coming years.
