Bitcoin News Today: Cango's Georgia Power Play Drives Record Bitcoin Output and Strategic Edge

Cango Inc. achieved a notable milestone in its Bitcoin mining operations during the second quarter of 2025, mining a total of 1,404.4 Bitcoins. This impressive output underscores the company's aggressive expansion into the digital asset sector, following a strategic shift initiated in November 2024. The company's total mining capacity reached 50 exahashes per second (EH/s) by June 2025, largely driven by the acquisition of 18 EH/s of additional mining power. This expansion, coupled with the company's recent acquisition of a 50 MW mining facility in Georgia, positions Cango as one of the largest Bitcoin miners globally [3].

Cango's financial performance during the quarter reflects the scale and efficiency of its mining operations. Total revenues amounted to $139.8 million, with the Bitcoin mining segment contributing $138.1 million. The company's adjusted EBITDA for the quarter was $99.1 million, demonstrating the profitability of its core mining business. The average cost to mine each Bitcoin, excluding depreciation of mining machines, was $83,091, while all-in costs, including depreciation, averaged $98,636 per Bitcoin. These figures highlight the company's cost structure and its ability to maintain competitive margins despite the capital-intensive nature of the industry [3].

Despite a net loss for the period, the company attributed this primarily to non-operational factors, such as a one-off loss on discontinued operations and a non-cash impairment loss on mining equipment. These charges were a result of strategic moves, including the divestiture of its China-based assets for $352 million in May 2025. Excluding these non-operational items, the company's adjusted EBITDA remains strong at $99.1 million, reinforcing the resilience of its core Bitcoin mining business. CEO Paul Yu emphasized the significance of this quarter as a milestone in the company's strategic transformation, highlighting the rapid scaling of its operations and the implementation of an asset-light strategy [3].

Cango's approach to Bitcoin mining is characterized by its focus on geographic diversification and operational efficiency. The acquisition of the Georgia-based mining facility, with its access to low-cost, renewable energy and favorable regulatory conditions, represents a strategic move to reduce power costs and enhance energy security. This initiative aligns with the company's broader roadmap to develop a dynamic platform that integrates Bitcoin mining with high-performance computing (HPC) applications and dedicated energy infrastructure. The company aims to optimize its existing 50 EH/s capacity through efficiency upgrades and replicate the Georgia model in other favorable power markets [3].

The company's financial and operational performance is also reflected in its Bitcoin holdings. As of June 30, 2025, Cango had mined a cumulative total of 3,879.2 Bitcoins since entering the Bitcoin mining industry. The company's Bitcoin production in July 2025 increased by 44% compared to June, reaching 650.5 Bitcoins. This growth is attributed to the expanded mining capacity and targeted initiatives to enhance fleet efficiency, including the maintenance of existing mining equipment and the selective upgrading of older machines to next-generation models. Looking ahead, Cango continues to explore opportunities to further optimize its operations and expand its portfolio of energy and HPC initiatives [5].

Cango's strategic direction is supported by a robust financial foundation. The company's balance sheet as of June 30, 2025, showed cash and cash equivalents of $117.8 million, providing ample liquidity to fund ongoing operations and future growth. The company's asset-light strategy, which enables rapid scaling with minimal upfront capital, is expected to continue driving its expansion. While this approach incurs higher cash costs per Bitcoin, Cango's lower depreciation expenses ensure competitive all-in costs and strong capital efficiency. The company's long-term vision includes the development of a computing platform that intelligently allocates energy capacity between Bitcoin mining and AI workloads, creating a synergistic revenue model that integrates Bitcoin mining, HPC services, and green-energy trading [3].

Source: [1] title1 (https://www.bitget.com/news/detail/12560604940207) [2] title2 (https://cryptonews.net/en/news/mining/31524671/) [3] title3 (https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html) [4] title4 (https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547129.html) [5] title5 (https://www.prnewswire.com/news-releases/cango-inc-announces-august-2025-bitcoin-production-and-mining-operations-update-302543682.html) [6] title6 (https://www.prnewswire.com/in/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547144.html)