Chinese Bitcoin miner Cango reported a sharp rise in production during the second quarter of 2025, even as higher expenses dragged the company into a deep net loss.
In a Sept. 5 update, the firm disclosed that it mined 1,404.4 BTC between April and June, pushing its total production since launch to 3,879.2 BTC.
Cango said it spent an average of $83,091 per coin, excluding depreciation, while the total cost reached $98,636 after accounting for additional expenses.
Meanwhile, the ramp-up in output translated into quarterly revenues of RMB 1 billion ($139.8 million), with Bitcoin mining contributing RMB 989.4 million ($138.1 million). Adjusted EBITDA came in at RMB 710.1 million ($99.1 million).
Yet, despite strong topline figures, the company posted a net loss of RMB 2.1 billion ($295.4 million), reversing a net profit of RMB 86 million in the same period last year.
During the quarter, the China-based firm boosted its mining capacity to 50 EH/s through an 18 EH/s acquisition, which helped lift July production by 44% to 650.5 BTC compared with June.
Speaking on these numbers, Cango’s Chief Executive Officer, Paul Yu, framed the quarter as a turning point for the firm’s operation, citing the success of its shift to an asset-light model. He said the strategy, built around acquiring plug-and-play mining rigs rather than heavy infrastructure, has allowed the company to scale faster and preserve flexibility.
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Yu acknowledged that this approach raises per-coin cash costs but argued that lower depreciation offsets the difference, keeping overall costs competitive and capital efficiency intact.
US expansion
Cango is also extending its footprint beyond China to mitigate volatility in energy prices and strengthen long-term infrastructure.
In early August, the company acquired a 50-megawatt mining facility in Georgia, United States, citing access to cheaper power and opportunities in renewable energy.
The company said the site will serve as a blueprint for replication in other regions, with plans to integrate renewable storage systems and develop a platform that balances Bitcoin mining, high-performance computing, and green-power trading.
Yu added that the move enhances energy security while positioning Cango to compete in digital asset mining and broader energy markets.