- Cango Inc. reports Q1 2025 Bitcoin mining revenue of RMB 1,046 million, meeting Apollo Insights' expectations.
- Company achieves a significant deployed hash rate of 32 EH/s with 16.6 Bitcoin mined per EH/s in March 2025.
- Plans for hash rate growth to 42 EH/s by end-2025 and 54 EH/s by end-2026, with an 18 EH/s acquisition expected by July 2025.
Cango Inc. (CANG, Financial) has announced its Q1 2025 Bitcoin mining revenue, which totaled RMB 1,046 million, aligning perfectly with the projections from Apollo Insights. The company's high operational performance included a deployed hash rate of 32 exahashes per second (EH/s), and they achieved industry-leading productivity in March 2025 with 16.6 Bitcoin mined per EH/s.
In the first quarter of 2025, Cango mined a total of 1,541 Bitcoins and maintained strong holdings of 2,475 Bitcoins, with no sales reported by March 31, 2025. Despite reporting an adjusted EBITDA loss, primarily due to Bitcoin price volatility and expenses from their legacy auto business, Apollo Insights has elevated its annual revenue forecasts for Cango to RMB 5,173 million for 2025.
Looking forward, Cango plans to expand its hash rate significantly, with projections estimating an increase to 42 EH/s by the end of 2025 and 54 EH/s by the end of 2026. This growth includes a planned acquisition of 18 EH/s by July 2025, which is expected to enhance their position among the leading global Bitcoin miners. The company's strategic focus continues to be on enhancing their operational flexibility and investing in sustainable energy solutions to optimize their Bitcoin mining activities.
