#Cryptocurrency #USA #Hong Kong #Bitcoin Mining #Cango Inc.

Cango Inc. Marks a Milestone in Bitcoin Mining

Cango Inc. (NYSE: CANG) has made headlines recently with its letter to shareholders, celebrating one year since the company embarked on an ambitious transformation towards establishing itself as a formidable player in the Bitcoin mining industry. This transition, according to CEO Paul Yu, has paved the way for future innovations in energy-secured High-Performance Computing (HPC) services.

The journey began in November 2024, when Cango initially diversifying into Bitcoin mining to enhance energy access and build necessary operational expertise. The company's growth has been exponential, scaling to a robust platform capable of 50 EH/s by strategically acquiring on-rack mining machines. In its ambitious pursuit, Cango acquired 32 EH/s of mining equipment in November 2024 and an additional 18 EH/s by June 2025. The company also streamlined its operations by divesting from its China-based assets by May 2025, allowing it to redirect financial and operational resources to its mining activities.

Cango's ambitious transition has been supported by a new management team with extensive backgrounds in digital assets, finance, and energy. This strategic overhaul has enabled them to lay down a solid foundation, resulting in impressive financial outcomes. For instance, in Q2 2025, Cango reported revenues of approximately $139.8 million, with an adjusted EBITDA of $99.1 million, and cash equivalents totaling $117.8 million. Their asset-light model emphasizes operational efficiency and has led to a newly competitive business model with a global footprint across diverse locations including the U.S., Oman, Ethiopia, and Paraguay.

The momentum of 2025 didn’t slow down there; in August, Cango seized a golden opportunity by acquiring a 50 MW facility in Georgia for $19.5 million. This strategic purchase has not only solidified their operational control but has also allowed them to secure better power terms, further enhancing efficiency across their operations. Impressively, Cango's hashrate efficiency has surpassed 90% and their Bitcoin holdings surged to over 6,400 BTC by the end of October 2025, a testament to their disciplined HODL strategy.

Looking ahead, CEO Paul Yu conveyed confidence in the company’s future directions as Cango moves towards a direct NYSE listing on November 17, 2025. He elaborated on the plans to reinforce their Bitcoin mining operation with a dual-track expansion into energy and HPC services. This includes disciplined, phased implementations and targeted entries into the AI HPC market. The development of dual-purpose energy infrastructure aims to optimize their mining operations by improving uptime and reducing energy costs, alongside refreshing 6 EH/s of additional capacity.

As Paul aptly stated, "We are standing at the threshold of a new technological frontier, where the convergence of energy and HPC will power the next era of compute." Cango Inc. is poised to not only navigate the intricacies of this evolving landscape but to actively shape its trajectory, thereby creating lasting value for its shareholders and partners alike. With an exceptional team and a clear strategy, the possibilities seem endless for Cango as it delves deeper into the realms of Bitcoin mining and beyond.

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