Cango reported strong third-quarter results on Tuesday, posting $224.6 million in revenue for the three months ended Sept. 30 — a 60.6% increase from the prior quarter — as the company marked one year since its transition into bitcoin mining.
Revenue from mining reached $220.9 million, with operating income of $43.5 million and net income of $37.3 million. Adjusted EBITDA rose to $80.1 million. The gains followed continued improvements in Cango’s operating hashrate, which increased from 40.9 EH/s in July to 44.9 EH/s in September, according to the firm. Cango subsequently reached 46.1 EH/s in October — exceeding 90% efficiency against installed capacity — primarily due to mining facility relocations, operational enhancements, and miner hardware upgrades, it said.
Before its pivot to bitcoin mining toward the end of 2024, Cango operated as a China-focused automotive services and car finance platform. The company disposed of its mainland operations earlier this year and now functions as a Cayman-incorporated, NYSE-listed miner pursuing a broader energy and AI compute strategy across North America, South America, the Middle East, and East Africa. Cango is currently a top-15 public bitcoin miner by market cap and one of just five companies with an installed hashrate capacity of 50 EH/s or more, alongside MARA, CleanSpark, IREN, and Bitdeer.
“This quarter marks a significant milestone. It’s been one year since our strategic transformation into a bitcoin miner,” Cango CEO Paul Yu said in a statement. “During the third quarter, we remained focused on our core mining operations, further strengthening Cango’s position as a scaled and operationally disciplined bitcoin miner.”
Bitcoin mining performance and AI roadmap
Cango mined 1,930.8 BTC in the third quarter, or an average of 21 BTC per day, up 37.5% from the previous quarter, and reported average all-in mining costs of $99,383 per bitcoin. Excluding depreciation, the average cost to mine was $81,072. As of Sept. 30, Cango has mined 5,810 BTC since entering the sector, it said. Bitcoin is currently trading for $87,330, according to The Block’s BTC price page.
As part of the company’s phased roadmap, Yu also highlighted its energy projects in Oman and Indonesia that are expected to be commissioned within one to two years and serve as a foundation for Cango’s AI ambitions. The firm’s near-term focus includes GPU computing-power leasing and an asset-light connectivity model, followed by medium-term plans to develop regional AI hubs and long-term plans to build a global compute grid powered by green energy.
“While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp toward our energy and compute ambitions,” Yu said.
The firm also changed its reporting currency to U.S. dollars in the third quarter to reflect the dollar-denominated nature of its revenues following the divestiture of its China-based business in May.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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