Chinese language Bitcoin miner Cango reported a pointy rise in manufacturing in the course of the second quarter of 2025, at the same time as larger bills dragged the corporate right into a deep internet loss.
In a Sept. 5 replace, the agency disclosed that it mined 1,404.4 BTC between April and June, pushing its whole manufacturing since launch to three,879.2 BTC.
Cango stated it spent a median of $83,091 per coin, excluding depreciation, whereas the entire price reached $98,636 after accounting for extra bills.
In the meantime, the ramp-up in output translated into quarterly revenues of RMB 1 billion ($139.8 million), with Bitcoin mining contributing RMB 989.4 million ($138.1 million). Adjusted EBITDA got here in at RMB 710.1 million ($99.1 million).
But, regardless of sturdy topline figures, the corporate posted a internet lack of RMB 2.1 billion ($295.4 million), reversing a internet revenue of RMB 86 million in the identical interval final yr.
In the course of the quarter, the China-based agency boosted its mining capability to 50 EH/s via an 18 EH/s acquisition, which helped elevate July manufacturing by 44% to 650.5 BTC in contrast with June.
Talking on these numbers, Cango’s Chief Government Officer, Paul Yu, framed the quarter as a turning level for the agency’s operation, citing the success of its shift to an asset-light mannequin. He stated the technique, constructed round buying plug-and-play mining rigs reasonably than heavy infrastructure, has allowed the corporate to scale sooner and protect flexibility.
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Yu acknowledged that this strategy raises per-coin money prices however argued that decrease depreciation offsets the distinction, retaining general prices aggressive and capital effectivity intact.
US enlargement
Cango can be extending its footprint past China to mitigate volatility in power costs and strengthen long-term infrastructure.
In early August, the corporate acquired a 50-megawatt mining facility in Georgia, United States, citing entry to cheaper energy and alternatives in renewable power.
The corporate stated the positioning will function a blueprint for replication in different areas, with plans to combine renewable storage programs and develop a platform that balances Bitcoin mining, high-performance computing, and green-power buying and selling.
Yu added that the transfer enhances power safety whereas positioning Cango to compete in digital asset mining and broader power markets.
