1 week ago
Chinese Bitcoin miner Cango reported a crisp emergence successful accumulation during the 2nd 4th of 2025, adjacent arsenic higher expenses dragged the institution into a heavy nett loss.
In a Sept. 5 update, the steadfast disclosed that it mined 1,404.4 BTC betwixt April and June, pushing its full accumulation since motorboat to 3,879.2 BTC.
Cango said it spent an mean of $83,091 per coin, excluding depreciation, portion the full outgo reached $98,636 aft accounting for further expenses.
Meanwhile, the ramp-up successful output translated into quarterly revenues of RMB 1 cardinal ($139.8 million), with Bitcoin mining contributing RMB 989.4 cardinal ($138.1 million). Adjusted EBITDA came successful astatine RMB 710.1 cardinal ($99.1 million).
Yet, contempt beardown topline figures, the institution posted a nett nonaccomplishment of RMB 2.1 cardinal ($295.4 million), reversing a nett net of RMB 86 cardinal successful the aforesaid play past year.
During the quarter, the China-based steadfast boosted its mining capableness to 50 EH/s done an 18 EH/s acquisition, which helped assistance July accumulation by 44% to 650.5 BTC compared with June.
Speaking connected these numbers, Cango’s Chief Executive Officer, Paul Yu, framed the 4th arsenic a turning constituent for the firm’s operation, citing the occurrence of its displacement to an asset-light model. He said the strategy, built astir acquiring plug-and-play mining rigs alternatively than dense infrastructure, has allowed the institution to standard faster and sphere flexibility.
Yu acknowledged that this attack raises per-coin currency costs but argued that little depreciation offsets the difference, keeping wide costs competitory and superior ratio intact.
US expansion
Cango is besides extending its footprint beyond China to mitigate volatility successful vigor prices and fortify semipermanent infrastructure.
In aboriginal August, the institution acquired a 50-megawatt mining installation successful Georgia, United States, citing entree to cheaper powerfulness and opportunities successful renewable energy.
The institution said the tract volition service arsenic a blueprint for replication successful different regions, with plans to integrate renewable retention systems and make a level that balances Bitcoin mining, high-performance computing, and green-power trading.
Yu added that the determination enhances vigor information portion positioning Cango to vie successful integer plus mining and broader vigor markets.
The station Chinese miner Cango boosts Bitcoin output amid strategical US expansion appeared archetypal connected CryptoSlate.
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