Cango Inc. shifted its full focus to Bitcoin mining in early 2025. In just two months, it produced nearly $100.5 million worth of Bitcoin. The company revealed this performance on June 3. Its Q1 mining revenue reached RMB 1,046 million, matching forecasts.
Despite a loss in adjusted EBITDA, the company stays confident. It blamed the loss on Bitcoin’s unstable price and costs tied to its old auto business. Cango’s hash rate hit 32 EH/s by the end of March. The company mined 1,541 Bitcoins during the quarter.
It held 2,475 Bitcoins at quarter-end, choosing not to sell any. In March alone, Cango achieved a productivity rate of 16.6 Bitcoins per EH/s, topping industry norms. Analysts expect Cango’s hash rate to grow fast.
Bitcoin expansion plans to drive efficiency push
They predict it will rise to 42 EH/s by the end of 2025 and 54 EH/s by 2026. A planned purchase of 18 EH/s will likely be finished by July. This acquisition supports the company’s expansion plans. Cango aims to improve operations and boost efficiency.
It plans to secure better mining contracts. It may also manage more of its mining hardware directly. The company is exploring energy sources in the Middle East and Australia. These projects could lower costs and support cleaner energy use.
Cango sees an opportunity beyond mining. It may offer digital financial services and expand its platform for used cars. The firm wants to stay flexible and future-focused.
China’s Auto Player Turns Crypto Miner
While mining now leads its revenue, it keeps ties to its older business. It has served China’s auto market since 2010 and still offers related services there. Cango’s shift to crypto mining began in November 2024.
The decision came from rising interest in blockchain and crypto. Since then, Cango has set up mining centers in North America, the Middle East, South America, and East Africa.
It aims to scale operations and remain competitive as the Bitcoin space grows. With strong performance metrics and bold plans, Cango positions itself as a major global miner. It intends to keep building on its early gains while adjusting to market demands and network changes.
