Bitcoin miner Cango reported Wednesday that its per-coin production cost dropped to $68,215 in March. That figure represents a 19.3% decline from the $84,552 average the company recorded in the fourth quarter of 2025. Cango attributed the reduction to a lean-production model that prioritizes margins over raw output volume.
Cango sold 2,000 Bitcoin during March at prices averaging between $68,000 and $69,000 per coin. The sales generated approximately $137 million in total proceeds. The company used that revenue to pay down its outstanding Bitcoin-backed loans.
As of March 31, Cango's remaining Bitcoin-backed loan balance stood at $30.6 million. Its treasury held 1,025.69 Bitcoin at the same date. The company said it will continue reducing debt as it transitions toward energy and artificial intelligence infrastructure.
Cango also reported a $65 million equity investment from members of its own leadership team. An additional $10 million came in the form of a convertible bond from DL Holdings. Both transactions were disclosed as part of the monthly operational update.
The company ranks sixth globally among Bitcoin miners by hashrate, according to BitcoinMiningStock data. Its self-mining operation runs at 27.9 exahashes per second, accounting for 2.82% of the global Bitcoin network's total hash power. Including leased hashrate of 9.02 EH/s, Cango's total operational hashrate reached 37.01 EH/s in March.
Cango's stock gained 3.44% in pre-market trading on Wednesday. Year-to-date, shares have fallen approximately 72%, according to Google Finance. The pre-market move followed the release of the monthly operational report.
Other listed miners have also used Bitcoin sales to manage their balance sheets. MARA Holdings sold roughly $1.1 billion worth of Bitcoin in March to repurchase convertible debt at a discount. Strategy moved in the opposite direction, purchasing $330 million in Bitcoin on Monday at an average price of $67,718 per coin, even as its unrealized losses exceeded $14.5 billion for the first quarter of 2026.
Original Article: Cango Cuts Bitcoin Production Cost 19%, Sells 2,000 BTC in March | CoinMarketCap
