Cango posts strong Q3 2025 bitcoin mining results and outlines a phased roadmap from mining to green energy infrastructure.
Cango Inc. has reported unaudited financial results for the third quarter, highlighting strong bitcoin mining performance and further progress on its long-term energy and AI compute strategy.
Total revenues for the quarter were US$224.6 million, up 60.6% on the second quarter of 2025, with US$220.9 million generated by the bitcoin mining business.
Operationally, Cango’s average operating hashrate rose from 40.91 EH/s in July to 44.85 EH/s in September, and further to 46.09 EH/s in October, with efficiency surpassing 90%. The company mined 1,930.8 BTC in the quarter, averaging 21.0 BTC per day – a 37.5% increase in total output and 36.0% rise in daily production versus the previous quarter.
Cango also completed the termination of its ADR programme and transitioned to a direct listing on the NYSE to optimise its capital structure and enhance transparency.
“This quarter marks a significant milestone. It’s been one year since our strategic transformation into a bitcoin miner,” said Paul Yu, Chief Executive Officer of Cango. “Today, we operate a deployed hashrate of 50 EH/s globally, positioning us among the leading miners worldwide.”
Yu reiterated the company’s long-term strategy to build a global distributed AI compute network powered by green energy, with bitcoin mining serving as the “practical on-ramp” to energy access and compute deployment. Energy projects in Oman and Indonesia are underway and are expected to be commissioned within one to two years.
Chief Financial Officer Michael Zhang described Q3 as “a standout quarter”, noting that Cango held US$44.9 million in cash and cash equivalents at the end of September. “We believe our balance sheet strength allows for a healthy and sustainable AI transition, enabling us to scale according to the compute roadmap we presented.”
Cango’s upcoming three-phase roadmap includes entering the market with GPU compute leasing; evolving into regional AI compute networks via self-operated data centres; and building a global, green-energy AI compute grid.
Original Link: https://coinpasar.sg/cango-posts-strong-q3-mining-results-details-ai-compute-roadmap/
