Chinese Bitcoin miner Cango is forging ahead with significant production growth and strategic international expansion, demonstrating resilience despite reporting a substantial net loss in the second quarter of 2025. The company's innovative operational shifts and plans for global infrastructure underscore its commitment to long-term growth in the competitive digital asset mining landscape.
Boosting Bitcoin Output Amidst Financial Headwinds
Cango reported a notable surge in Bitcoin production, mining 1,404.4 BTC between April and June 2025, contributing to a total of 3,879.2 BTC since its inception. This impressive output, which saw July production jump by 44% to 650.5 BTC compared to June, was driven by an 18 EH/s acquisition, pushing the firm's mining capacity to 50 EH/s. CEO Paul Yu attributed this success to an "asset-light model," focusing on acquiring plug-and-play mining rigs rather than extensive heavy infrastructure. While this approach led to higher per-coin cash costs ($83,091 excluding depreciation, $98,636 total), Yu noted that reduced depreciation expenses maintained overall cost competitiveness and capital efficiency. Despite generating RMB 1 billion ($139.8 million) in quarterly revenues, Cango recorded a net loss of RMB 2.1 billion ($295.4 million) for the quarter, reversing a profit from the previous year.
Strategic Expansion into the US Market
Beyond increasing its domestic production, Cango is strategically extending its footprint into the United States, aiming to mitigate energy price volatility and strengthen its long-term infrastructure. In early August, the company acquired a 50-megawatt mining facility in Georgia. This move is driven by the appeal of cheaper power and abundant opportunities in renewable energy. Cango plans for the Georgia site to serve as a blueprint for future expansions, integrating renewable storage systems and developing a sophisticated platform that balances Bitcoin mining, high-performance computing, and green-power trading. This expansion is envisioned to enhance energy security and position Cango more competitively in both digital asset mining and the broader energy markets.
