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The mining firm Cango, listed on the New York Stock Exchange (NYSE), sold 2,000 bitcoins for $143 million in March to settle debts secured by the leading cryptocurrency. Consequently, the company reduced its outstanding loan balance to $30.6 million.
The decrease in debt, along with recent investments by the company’s management totaling $65 million and the issuance of $10 million in convertible bonds, has strengthened Cango’s balance sheet, according to the company’s leadership. As of March 31, Cango held 1,025.69 BTC valued at over $73 million, while the total hash rate of the company’s farms was 37.01 EH/s. Of this, 27.98 EH/s came from owned facilities, and 9.02 EH/s from rented capacity.
Cango is currently upgrading its equipment fleet, selectively installing S21/S21XP miners in regions with high electricity costs, such as Paraguay and Oman. This is necessary to offset electricity expenses through enhanced energy efficiency, the company explained. It continues to relocate the majority of its equipment to jurisdictions with lower electricity rates. Cango also plans to invest a portion of its capital into artificial intelligence.
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The management of Cango announced that upgrading mining equipment, decommissioning inefficient devices, renting hash rate in areas with high hosting costs, and relocating capacity to regions with cheaper electricity will help mitigate losses from bitcoin volatility by lowering the cost of cryptocurrency mining.
In March, the average cost of mining one BTC was $68,215. This represents a 19.3% decrease compared to the average cost of $84,552 per coin recorded in the fourth quarter of 2025.
In April, another mining company, Riot Platforms, reported selling 3,778 BTC for $289.5 million from January to March. The average price was approximately $76,600 per coin.
