Cango

The company's initial Bitcoin mining buildout included a $256 million acquisition of 32 EH/s in Antminer S19XP hardware from Bitmain in December 2024. Mining sites span the United States (Georgia), Oman, Ethiopia, Paraguay, and Canada, covering North America, the Middle East, South America, and East Africa. In August 2025, Cango acquired a fully operational 50 MW facility in Georgia for $19.5 million, allocating 30 MW to self-mining operations and 20 MW to third-party hosting services.

According to BitcoinMiningStock.io data as of March 31, 2026, Cango's operating hashrate stands at 27.98 EH/s against an installed figure of 37.01 EH/s; the 9.02 EH/s gap reflects hashrate leasing arrangements in regions with elevated hosting fees. In Paraguay and Oman, the company runs Antminer S21/S21XP hardware selected for its energy efficiency. Bitcoin production totaled 569.00 BTC in December 2025, then 496.35 BTC in January 2026 and 454.83 BTC in February 2026, as management shifted stated focus from scale to cash margin. Average cash cost per mined Bitcoin fell 19.3% to $68,215.83 in March 2026, compared with a Q4 2025 average of $84,552 per coin.

Cango reported full-year 2025 revenue of approximately $688 million alongside a net loss of roughly $453 million, reflecting mining transition costs and Bitcoin price volatility. In February and March 2026, the company sold approximately 6,451 BTC for net proceeds of roughly $442 million to retire Bitcoin-backed loans, cutting BTC-collateralized debt to $30.6 million. Bitcoin treasury holdings stood at 1,025.69 BTC as of March 31, 2026, per BitcoinMiningStock.io data, and enterprise value sits at $0.63 billion as of May 2026.

In April 2026, Cango completed two financing transactions totaling $75 million: a $65 million equity close from company leadership and a $10 million convertible note from Hong Kong-listed DL Holdings Group Limited, earmarked for AI infrastructure and energy expansion. The company launched EcoHash Technology LLC (ecohash.com) that same month, an HPC and AI inference subsidiary built on its proprietary EcoLink Orchestration Platform, which schedules geographically dispersed compute capacity through intelligent failover, with the Georgia facility serving as its proof-of-concept deployment hub. On April 22, 2026, Simon Ming Yeung Tang, previously chief investment officer, was named CFO, replacing Yongyi Zhang. Cango retains its pre-pivot AutoCango.com used-car export operation alongside its mining and compute businesses.