Chinese Bitcoin Minor Cango reported a sharp rise in production in the second quarter of 2025, even if higher costs dragged the company into a deep net loss.
In an update on September 5th, the company revealed that it had mined 1,404.4 BTC between April and June, boosting its total production since its launch to 3,879.2 BTC.
Cango said that he spent an average of $83,091 per coin excluding depreciation, but total costs reached $98,636 when it accounted for additional costs.
Meanwhile, the ramp up of the output was converted to quarterly revenue of RMB1 billion ($139.8 million), while Bitcoin mining contributed to 989.4 million ($138.1 million). The adjusted EBITDA appeared in RMB710 million ($99.1 million).
However, despite strong top-line figures, the company posted a net loss of RMB2.1 billion ($295.4 million), overturning a net profit of RMB86 million in the same period last year.
During the quarter, the Chinese-based company helped raise production in July from 44% to 650.5 BTC compared to June.
Speaking of these numbers, CANGO CEO Paul Yu framed the quarter as a turning point for the company’s operations, citing the success of its shift to asset lighting models. He said the strategy built around acquiring plug-and-play mining rigs rather than heavy infrastructure allowed the company to scale faster and maintain flexibility.
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Yu acknowledged that this approach would increase cash costs per capita, but argued that a decrease in depreciation costs would offset the differences and keep the overall cost and capital efficiency intact.
US expansion
Cango is expanding its footprint beyond China to ease energy price volatility and strengthen its long-term infrastructure.
In early August, the company acquired a 50-megawatt mining facility in Georgia, USA, citing access to cheaper electricity and opportunities in renewable energy.
The company said the site will serve as a blueprint for replicating other regions with plans to integrate renewable storage systems and develop a platform that balances Bitcoin mining, high-performance computing and green power trading.
Yu added that the move will enhance energy security and position Cango to compete in digital asset mining and broader energy markets.