Bitcoin miner Cango announced a significant reduction in production costs and a strategic sale of BTC as part of a pivot toward energy and AI infrastructure.
Bitcoin Production Costs Drop
In March, Cango cut its Bitcoin production cost to $68,215 per BTC, down 19.3% from the $84,552 average reported in Q4 2025. The company attributed the reduction to a lean-production model prioritizing margin resilience over scale, aiming to better navigate Bitcoin’s price volatility.
Cango sold 2,000 BTC in March at an average price of $68,000–$69,000, generating approximately $137 million. The proceeds were used to reduce outstanding Bitcoin-backed loans, which stood at $30.6 million as of March 31. The company now holds 1,025.69 BTC in its treasury.
Cango ranks as the sixth-largest Bitcoin miner globally, with 27.9 EH/s in self-mining, representing 2.82% of total global hash power. Including leased hashrate, total operational capacity is 37.01 EH/s.
The company also secured $65 million in equity investment from leadership and a $10 million convertible bond from DL Holdings, supporting its ongoing deleveraging strategy. While Cango’s stock rose 3.44% in pre-market trading, it remains down about 72% year-to-date.
Cango’s moves reflect a broader industry trend of Bitcoin miners selling holdings to strengthen balance sheets, contrasting with firms like Strategy, which continue to accumulate BTC.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
Leave a Reply