Cango Group announced its earnings on Thursday, and for the second quarter of 2025, the Bitcoin mining company seems to have made tremendous progress pivoting to new business lines.
According to the earnings report, the company’s total revenue reached 139.8 million dollars and received over 98% of revenue on account of Bitcoin mining.
Impressive numbers
Adjusted EBITDA remained 99.1 million dollars, and the company’s cash with cash equivalents amounted to 117.8 million dollars.
Total mining capacity climbed to 50 EH/s, while quarterly Bitcoin production reached 1,404.4.
CEO highlights transformation
Paul Yu, chief executive of Cango, said the quarter marks an important point in the company’s journey. He explained that in only nine months, Cango has grown into one of the largest Bitcoin miners worldwide.
The expansion was made possible by what he called an asset-light strategy. This model lets Cango acquire plug-and-play mining rigs with little upfront cost, scaling faster and more efficiently than rivals that own all their hardware.
Yu added that while this method means higher cash costs per Bitcoin, lower depreciation and greater flexibility keep overall expenses competitive. He also pointed to Cango’s broad footprint across different regions, which he said helps the company weather market cycles.
Mining capacity and acquisitions
Cango’s recent purchase of 18 EH/s boosted its total mining capacity to 50 EH/s by the end of the quarter. The step led to a 44% rise in Bitcoin production in July, when the company mined 650.5 Bitcoins compared to June.
Yu said this reflects the strength of its expansion and lays the groundwork for more growth through both organic initiatives and acquisitions. In early August, Cango acquired a 50 MW mining facility in Georgia, United States.
The site, he said, will strengthen the firm’s energy security, lower power costs and provide the expertise needed for new projects in energy and high-performance computing.
The company’s broader developments
With an overall hashrate of 18 Exahash per second, Cango Inc. has formally finished its previously announced purchases of cryptocurrency mining equipment.
In accordance with the hashrate of the machines that each party donated, 146,670,925 Class A ordinary shares were issued to the sellers in order to complete the deal.
A significant advancement in the cryptocurrency space has also been achieved by Cango, which in only two months produced $100.5 million worth of Bitcoin.
This latest step comes after the business made the audacious decision to liquidate its legacy operations in China in early April in order to completely convert into cryptocurrency mining.
Financial performance
Michael Zhang, chief financial officer, said the figures show strong performance from the core mining business.
Zhang said the turnaround highlights the progress of Cango’s transformation and gives the company a solid base to expand both its mining work and its new focus on energy and computing services.
Cango’s leadership believes that its rapid growth, new facilities and expanded mining power will keep pushing results higher. By building energy infrastructure and tapping into high-performance computing, the company sees opportunities beyond Bitcoin.
Executives stressed that their model balances efficiency with scale, aiming to sustain output even as market conditions shift.
Also Read: Bitcoin Miner Cango Finalizes Agreements to Divest PRC Operations