#Shanghai #USA #Bitcoin Mining #Cango Inc. #CANG

Cango Inc. Unveils Annual Report Highlights

Cango Inc. (NYSE: CANG), a rapidly emerging player in the Bitcoin mining sector, has recently released key findings from its filed annual report. This report indicates a significant transition towards cryptocurrency mining, underscoring Cango’s successful strategy as it establishes itself as the third-largest publicly traded miner in the world. Notably, the company revealed a remarkable 400% increase in year-over-year revenue, showcasing its efficiency and operational prowess.

Financial Performance Overview

In the fourth quarter of 2024, Cango achieved a total revenue of RMB 668 million (approximately US$ 91.5 million), marking a substantial surge compared to the same quarter the previous year. This impressive growth can primarily be attributed to the launch of its Bitcoin mining operations, which accounted for RMB 653 million (around US$ 89.5 million) of the quarterly revenue. Not only did Cango report a quarterly net income of RMB 55.9 million (about US$ 7.7 million), but it also represents a significant turnaround from a net loss of RMB 103.8 million during Q4 2023.

Looking at the full year, Cango’s total revenue reached RMB 804.5 million (approximately US$ 110.2 million), with a net income of RMB 299.8 million (nearly US$ 41.1 million), showcasing a remarkable recovery from a net loss in 2023.

Bitcoin Mining Operational Success

Cango’s strategic move into Bitcoin mining was solidified with the deployment of 32 exahashes per second (EH/s) of mining capacity by the end of Q4 2024, which has firmly placed the company among the top three publicly traded miners globally. During this quarter, Cango successfully mined 933.8 Bitcoin, achieving a superior efficiency rate of 17.81 BTC per EH/s. The company managed to optimize its operational costs, signaling a robust average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$ 67,769.9 per Bitcoin mined (excluding depreciation).

By the conclusion of 2024, Cango maintained a total of 933.8 Bitcoin, adhering to its long-term strategy of accumulating digital assets. The company operates its mining facilities across five countries, with the United States contributing 38% of the total hashrate, followed closely by East Africa at 37%, and other regions, including Oman, Paraguay, and Canada.

Cango operates primarily with a fleet of water-cooled Bitmain S19XP Hyd. machines, which enhances both energy efficiency and operational reliability, ensuring the company remains competitive in the evolving landscape of Bitcoin mining.

Future Expansion Plans

Looking ahead, Cango Inc. is on track to expand its mining capacity to 50 EH/s by the close of July 2025, facilitated by the impending completion of its second-phase asset acquisitions. The company is also committed to further reducing energy costs through strategic partnerships and regulatory advancements in traditional energy markets. Cango remains dedicated to reinforcing its position within the digital asset ecosystem while maintaining a prudent management approach toward its Bitcoin holdings.

The impressive growth seen in Cango’s 2024 performance highlights not only their ability to pivot effectively in a rapidly changing market but also their promise for continued expansion in the cryptocurrency domain. As the demand for Bitcoin mining surges, Cango stands poised to capitalize on opportunities within the blockchain ecosystem.

For any media inquiries, Juliet Ye from Cango can be reached at +86 21 3183 5088 ext. 5581, or via email at [email protected]