Bitcoin News Today: Cango's Hashrate Surge Powers Bitcoin Bonanza

Cango Inc. (NYSE: CANG) reported a significant increase in Bitcoin mining production for August 2025, producing 663.7 Bitcoins, a rise from 650.5 units in July. This output pushed the company’s total Bitcoin holdings past the 5,000 unit threshold, highlighting the effectiveness of its strategic expansion initiatives. The company’s average daily production also rose to 21.41 units from 20.99 in the prior month [1].

The growth in production is attributed to a 6.9% month-over-month increase in the company’s average operating hashrate, which reached 43.74 EH/s in August compared to 40.91 EH/s in July. Cango’s deployed hashrate remains steady at 50 EH/s, demonstrating operational consistency and efficiency in its mining activities [2]. Paul Yu, CEO and Director of Cango, emphasized that the expansion of its new 50 EH/s capacity since July has played a crucial role in enhancing the company’s mining capabilities.

A key strategic development in August included the acquisition of a 50 MW Bitcoin mining facility in Georgia, United States. This move is expected to bolster Cango’s energy security and reduce power costs, which are critical for maintaining competitive all-in mining costs. The facility will allow Cango to use 30 MW of its power capacity for mining while renting out the remaining 20 MW to third parties [3]. This acquisition aligns with Cango’s broader strategy to expand its energy expertise and optimize the utilization of its mining infrastructure.

Cango’s focus on long-term Bitcoin accumulation remains unchanged. The company currently holds 5,193.4 Bitcoins and has no immediate plans to sell any of its holdings, underscoring its confidence in the long-term value of its Bitcoin treasury. Looking forward, Cango aims to further enhance its operational efficiency and explore opportunities in the energy and high-performance computing (HPC) sectors [4].

The company’s mining operations are strategically deployed across North America, the Middle East, South America, and East Africa, reflecting its global footprint. Cango’s recent financial results also showed resilience despite rising competition in the Bitcoin mining industry. During the second quarter of 2025, the company reported $139.8 million in total revenue, with $138.1 million generated from the Bitcoin mining business [5]. Adjusted EBITDA for the quarter was $99.1 million, a strong indicator of the profitability of Cango’s core operations.

As Cango continues to scale its mining capacity, it remains committed to an asset-light strategy, which enables rapid scaling with minimal upfront capital. The company’s recent capacity additions and operational improvements have contributed to a 44% increase in Bitcoin production in July, illustrating the effectiveness of its growth-oriented approach [6].

Source: [1] Cango Inc. Announces August 2025 Bitcoin Production and Mining Operations Update (https://www.prnewswire.com/news-releases/cango-inc-announces-august-2025-bitcoin-production-and-mining-operations-update-302543682.html) [2] Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results (https://www.prnewswire.com/apac/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547132.html) [3] Cango sets stage for next growth phase as bitcoin competition heats up (https://thebambooworks.com/cango-sets-stage-for-next-growth-phase-as-bitcoin-competition-heats-up/) [4] Cango Inc. Announces August 2025 Bitcoin Production and Mining Operations Update (https://www.prnewswire.com/apac/news-releases/cango-inc-announces-august-2025-bitcoin-production-and-mining-operations-update-302543704.html) [5] Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results (https://www.prnewswire.com/apac/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547132.html) [6] Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results (https://www.prnewswire.com/apac/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547132.html)