Bitcoin News Today: Cango's Strategic Shift Drives Bitcoin Production Surge and Global Expansion

Cango Inc. (NYSE: CANG) has released its unaudited financial results for the second quarter of 2025, highlighting a period of strategic transformation and operational expansion. As of June 30, 2025, the company's total mining capacity reached 50 exahashes per second (EH/s), primarily driven by the acquisition of 18 EH/s in June 2025. Additionally, in May, Cango completed the divestiture of its China-based assets for US$352 million, generating significant liquidity to support its strategic initiatives [1].

The financial results for the quarter indicate total revenues of US$139.8 million, with the Bitcoin mining business accounting for US$138.1 million of that total. The company reported an adjusted EBITDA of US$99.1 million, underscoring the profitability of its core Bitcoin mining operations [1]. However, the net loss for the period was significantly impacted by a one-off loss on discontinued operations and a non-cash impairment loss from mining equipment. These charges, linked to the company's strategic initiatives rather than operational underperformance, were offset when adjusted EBITDA was calculated [1].

During the quarter, Cango mined a total of 1,404.4 Bitcoins. The average cost to mine, excluding depreciation of mining machines, was US$83,091 per Bitcoin, with all-in costs reaching US$98,636 per Bitcoin. As of June 30, 2025, the company had mined a cumulative total of 3,879.2 Bitcoins since entering the Bitcoin mining industry [1]. This substantial production was supported by the increased mining capacity, which contributed to a 44% increase in Bitcoin production in July [1].

Paul Yu, CEO of Cango, emphasized the importance of the second quarter as a significant milestone in the company's strategic transformation. Over the past nine months, Cango has positioned itself as one of the largest Bitcoin miners globally, leveraging an asset-light strategy that facilitates rapid scaling with minimal upfront capital. The strategy, while incurring higher cash costs per Bitcoin, ensures competitive all-in costs through lower depreciation expenses and strong capital efficiency. The recent acquisition of 18 EH/s and a 50 MW mining facility in Georgia is expected to further enhance operational efficiency and energy security [1].

In August 2025, Cango continued to expand its Bitcoin production, with the mining of 663.7 Bitcoins in the month, pushing its total Bitcoin holdings past the 5,000 milestone [5]. The company's average operating hashrate increased by 6.9% month-over-month to 43.74 EH/s, reflecting the efficiency of its mining operations. Cango's strategic initiatives include diligent maintenance of its existing fleet, selective upgrading of older miners to next-generation models, and the integration of the newly acquired Georgia facility into its operations [5].

Looking ahead, Cango is positioned to further optimize its operations and capture emerging opportunities in the energy and high-performance computing (HPC) sectors. The company's three-phase roadmap includes the immediate optimization of its 50 EH/s mining capacity, the development of energy and HPC expertise through renewable energy storage projects, and the long-term integration of Bitcoin mining, HPC services, and green-energy trading into a synergistic revenue model [6]. The company is also planning to shift its reporting currency from Renminbi to U.S. dollars, effective with the third quarter 2025 results, to better reflect its revenue and profit profile post-divestiture of China assets [6].

Source:

[1] 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)

[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)

[3] Cango Inc. Reports Second Quarter 2025 Unaudited Financial Results (https://www.prnewswire.com/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547129.html)

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

[5] Cango Inc. Reports Second Quarter 2025 Unaudited ... (https://www.prnewswire.com/in/news-releases/cango-inc-reports-second-quarter-2025-unaudited-financial-results-302547144.html)