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One of the largest miners globally, the Shanghai-based company Cango, reported a net loss of $452.8 million for its first full year of Bitcoin mining. The company has already commenced the sale of its accumulated cryptocurrency.
Annual revenue amounted to $688.1 million, while operating expenses and costs reached $1.1 billion. In the fourth quarter, expenses totaled $456 million, which included losses from the depreciation of mining equipment and the decline in Bitcoin’s price. The cost of mining was approximately $97,000 per coin when accounting for all expenses.
In 2025, Cango mined 6,594.6 BTC, averaging 18.07 BTC daily. By the end of the year, production increased to 1,718.3 BTC (18.68 BTC per day), although associated costs also rose. By the end of December, the total volume of mined Bitcoin since the launch at the end of 2024 reached 7,528.4 BTC.
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Chief Financial Officer Michael Zhang attributed the loss to business transformation costs and changes in asset values due to the downturn in the cryptocurrency market. The executive promised that the company would partially shift its focus towards artificial intelligence development and work to reduce its debt burden.
Cango has begun actively liquidating its Bitcoin holdings. In February, the company sold 4,451 BTC and is preparing for further transactions, as indicated by Zhang. The miner’s crypto reserves have decreased by 60%.
In November 2024, Cango acquired computing power of 32 EH/s, expanding its mining operations in North and South America, the Middle East, and East Africa. Simultaneously, Cango continues its international automobile trading business, which generated $4.8 million in revenue during the fourth quarter.
In February, Cango shut down equipment accounting for approximately 30% of its hash rate, citing infrastructure optimization. At that time, the company’s operational hash rate was 34.55 EH/s against an installed capacity of 50 EH/s.
