Bitcoin News Today: Cango Transforms Bitcoin Mining Amid $352M China Exit and 50 EH/s Surge

Cango Inc. (NYSE: CANG) reported its unaudited financial results for the second quarter of 2025, highlighting a strategic transformation and expansion in its Bitcoin mining operations. Total mining capacity reached 50 exahashes per second (EH/s) as of June 30, 2025, a significant increase attributed to the acquisition of 18 EH/s in June of the same year. The company also completed the divestiture of its China-based assets in May 2025 for US$352 million, which provided liquidity for future strategic initiatives [1].

During the quarter, Cango generated total revenues of US$139.8 million, with the Bitcoin mining business contributing US$138.1 million. Adjusted EBITDA for the period was US$99.1 million, underscoring the profitability of its core operations [1]. The company mined 1,404.4 Bitcoins in the second quarter, with an average cost to mine, excluding depreciation, of US$83,091 per Bitcoin and all-in costs of US$98,636 per Bitcoin. As of the end of June 2025, Cango had mined a total of 3,879.2 Bitcoins since entering the Bitcoin mining industry [1].

The net loss for the period was primarily due to a one-off loss on discontinued operations and a non-cash impairment loss from mining equipment contracted in November 2024 and settled via equity in June 2025. These charges were the result of a significant appreciation in Cango's share price between the contract and delivery periods. Excluding these non-operational charges, the company’s adjusted EBITDA remained robust at US$99.1 million, demonstrating the strength of its core business [1].

Paul Yu, Cango’s CEO, emphasized the company’s progress following its strategic transformation. He noted that the asset-light strategy allowed for rapid scaling with minimal upfront capital, despite higher cash costs per Bitcoin. The company's recent acquisition of 18 EH/s increased mining capacity to 50 EH/s, contributing to a 44% increase in Bitcoin production in July. Additionally, the acquisition of a 50 MW mining facility in Georgia was highlighted for its role in enhancing energy security and reducing power costs, which is expected to support future high-performance computing and energy initiatives [1].

Analyst forecasts suggest that Cango’s earnings for Q2 2025 are expected to come in at -$0.09 per share, with total revenue estimated at $0.13 billion. These estimates indicate a challenging period for the company, with full-year earnings expected to be -$0.62 per share and total revenue projected at $0.63 billion for 2025 [2]. However, despite the anticipated net loss, the company’s adjusted EBITDA remains a strong indicator of the core business’s performance and potential for future growth [1].

The company’s strategic moves, including the acquisition of new mining capacity and the divestiture of its China-based assets, reflect a broader focus on capital efficiency and long-term scalability. With a total of 3,879.2 Bitcoins mined since entering the Bitcoin mining industry, Cango is positioning itself to capitalize on the growing demand for digital assets while managing operational costs and ensuring financial flexibility [1].

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 (CANG) Q2 2025: Everything You Need To Know Ahead Of Earnings (https://finance.yahoo.com/news/cango-inc-cang-q2-2025-131749249.html)