Bitcoin News Today: Cango Rethinks Bitcoin Mining as Global Energy and AI Platform Takes Shape

Cango Inc. has signaled a pivotal shift in its business strategy as it accelerates its growth in the Bitcoin mining sector amid a rapidly intensifying global competition. The company, which entered the crypto asset space in November 2024, reported significant operational and financial progress in the second quarter of 2025, highlighting its transformation into a major player in the digital asset industry.

According to Cango's latest update, the company’s deployed hashrate reached 50 EH/s by the end of August 2025, with an average operating hashrate of 43.74 EH/s. This represents a 6.9% month-over-month increase, driven by the full operational deployment of the 50 EH/s capacity since July. The firm mined 663.7 Bitcoins in August, pushing its Bitcoin treasury beyond the 5,193.4 Bitcoin threshold [1]. This growth underscores Cango’s expanding footprint in the Bitcoin mining landscape, particularly as it continues to diversify its operations across North America, the Middle East, South America, and East Africa.

In the second quarter of 2025, Cango reported unaudited financial results that reflected the scale of its transition. The company generated total revenues of RMB1.0 billion (US$139.8 million), with the Bitcoin mining segment contributing RMB989.4 million (US$138.1 million). Adjusted EBITDA stood at RMB710.1 million (US$99.1 million), demonstrating the profitability of its core operations despite a net loss of RMB2.1 billion (US$295.4 million) due to one-off charges related to the divestiture of its China-based assets and a non-cash impairment of mining equipment [2]. The net loss was primarily attributed to strategic decisions rather than operational inefficiencies, with the company emphasizing its long-term growth and asset-light operational model.

Cango’s CEO, Paul Yu, highlighted the strategic benefits of the company’s approach, noting that the recent acquisition of a 50 MW mining facility in Georgia enhances energy security and lowers power costs. This move aligns with the company’s roadmap to develop a dynamic platform that integrates Bitcoin mining with high-performance computing (HPC) applications and green energy infrastructure. The phased roadmap includes optimizing current operations, developing energy and HPC expertise, and ultimately building a computing platform that can allocate energy between Bitcoin mining and AI workloads [2].

The company also announced plans to shift its financial reporting currency from Renminbi to U.S. dollars, effective with the third quarter of 2025, in line with its revenue and profit profile post-divestiture. This change reflects Cango’s ongoing repositioning as a global digital asset player and reinforces its commitment to transparency and international financial standards.

Cango’s aggressive expansion and strategic acquisitions have positioned it as a formidable contender in the Bitcoin mining industry. With a growing Bitcoin treasury and a diversified operational footprint, the company is well-positioned to capitalize on emerging opportunities in both energy and HPC sectors, while maintaining a strong foundation for sustainable growth in a competitive market environment.

Source:

[1] Cango Inc. Announces August 2025 Bitcoin Production and Mining Operations Update (https://www.cangoonline.com/news/detail/433)

[2] Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results (https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302546670.html)