Odaily News Cango (NYSE: CANG) announced its unaudited financial report for the third quarter of 2025, with quarterly revenue reaching $224.6 million, a quarter-on-quarter rise of 60.6%, of which the Bitcoin mining business contributed $220.9 million. The company recorded an operating profit of $43.5 million, a net profit of $37.3 million, and an adjusted EBITDA of $80.1 million. The average computing power in the third quarter increased from 40.91 EH/s in July to 44.85 EH/s in September, and further increased to 46.09 EH/s in October; a total of 1,930.8 BTC were mined in the quarter, representing a more than 37% increase compared to the previous quarter. The company stated that the migration of its mining rigs, operational optimization, and hardware upgrades have driven energy efficiency improvements, with the average cost per BTC (excluding depreciation) being about $81,072, and the total cost being approximately $99,383. As of the end of the third quarter, the company has cumulatively mined 5,810 BTC. Cango also completed its transition from ADR to a direct listing on the New York Stock Exchange to optimize its capital structure and enhance transparency. Management stated that the company has extended from Bitcoin mining to a long-term strategy of “Energy + AI Computing Power,” and is globally deploying data centers powered by green energy and AI computing networks. In the short term, it will provide GPU computing power leasing in a light asset manner, in the medium term, it will build regional data centers and provide low-latency inference services, and the long-term goal is to create a globally distributed AI computing power network. The company also disclosed that it held $44.9 million in cash as of the end of September.
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