Cango Inc. (NYSE:CANG) reported operational results for March 2026, according to a press release statement.
The Bitcoin mining company’s total operational hashrate stood at 37.01 exahash per second as of March 31, comprising 27.98 EH/s from self-mining operations and 9.02 EH/s from hashrate leasing arrangements.
Cango achieved an average cash cost per Bitcoin of $68,215.83 in March, down from $84,552 per coin in the fourth quarter of 2025. The company attributed the cost reduction to operational adjustments including decommissioning inefficient miners and migrating capacity to regions with lower power costs.The cost improvements come as the company grapples with thin margins. According to InvestingPro data, Cango’s gross profit margin stands at just 3.85%, with the platform’s Financial Health rating classified as "WEAK."
The company deployed S21 and S21XP series miners in Paraguay and Oman, locations with higher electricity costs, utilizing the equipment’s energy efficiency to offset power expenses. Cango also implemented revenue-sharing arrangements with hosting partners at certain higher-cost sites.
In March, Cango sold 2,000 Bitcoins and used the proceeds to retire Bitcoin-backed loans. As of March 31, the company’s Bitcoin-backed loan balance totaled $30.6 million, with a treasury holding of 1,025.69 Bitcoins.Investors have responded negatively to the company’s challenges, with shares trading at $0.41—down 74.5% over the past year. The stock’s current ratio of 0.71 suggests liquidity pressures. For deeper analysis, InvestingPro offers comprehensive Pro Research Reports on CANG and 1,400+ other US equities, transforming complex data into actionable intelligence.
The company received a $65 million equity investment from leadership and a $10 million convertible bond from DL Holdings, according to the statement.
Cango describes itself as a Bitcoin miner developing an integrated energy and AI compute platform.
In other recent news, Cango Inc. reported its Q4 2025 earnings, highlighting a strategic shift towards Bitcoin mining and AI initiatives. The company disclosed a significant net loss of $285 million for the quarter. Despite this loss, Cango generated $179.5 million in revenue, primarily from its Bitcoin mining operations. This revenue figure reflects the company’s efforts to pivot its business strategy. Additionally, Cango received a notice from the New York Stock Exchange on March 10 for not meeting the minimum share price requirement, as its Class A ordinary shares fell below the $1.00 threshold over a consecutive 30 trading-day period. Under NYSE regulations, this non-compliance could affect the company’s listing status. These recent developments indicate ongoing challenges and strategic changes within Cango.
Original Article: Cango cuts Bitcoin mining costs 19% in March operations update By Investing.com
