Cango posts 60% Q3 revenue jump as bitcoin mining output climbs

Cango reported strong third-quarter results on Tuesday, posting $224.6 million in revenue for the three months ended Sept. 30 — a 60.6% increase from the prior quarter — as the company marked one year since its transition into bitcoin mining.

Revenue from mining reached $220.9 million, with operating income of $43.5 million and net income of $37.3 million. Adjusted EBITDA rose to $80.1 million. The gains followed continued improvements in Cango's operating hashrate, which increased from 40.9 EH/s in July to 44.9 EH/s in September, according to the firm. Cango subsequently reached 46.1 EH/s in October — exceeding 90% efficiency against installed capacity — primarily due to mining facility relocations, operational enhancements, and miner hardware upgrades, it said.

Before its pivot to bitcoin mining toward the end of 2024, Cango operated as a China-focused automotive services and car finance platform. The company disposed of its mainland operations earlier this year and now functions as a Cayman-incorporated, NYSE-listed miner pursuing a broader energy and AI compute strategy across North America, South America, the Middle East, and East Africa. Cango is currently a top-15 public bitcoin miner by market cap and one of just five companies with an installed hashrate capacity of 50 EH/s or more, alongside MARA, CleanSpark, IREN, and Bitdeer.

"This quarter marks a significant milestone. It's been one year since our strategic transformation into a bitcoin miner," Cango CEO Paul Yu said in a statement . "During the third quarter, we remained focused on our core mining operations, further strengthening Cango's position as a scaled and operationally disciplined bitcoin miner."

Bitcoin mining performance and AI roadmap

Cango mined 1,930.8 BTC in the third quarter, or an average of 21 BTC per day, up 37.5% from the previous quarter, and reported average all-in mining costs of $99,383 per bitcoin. Excluding depreciation, the average cost to mine was $81,072. As of Sept. 30, Cango has mined 5,810 BTC since entering the sector, it said. Bitcoin is currently trading for $87,330, according to The Block's BTC price page .

As part of the company's phased roadmap, Yu also highlighted its energy projects in Oman and Indonesia that are expected to be commissioned within one to two years and serve as a foundation for Cango's AI ambitions. The firm's near-term focus includes GPU computing-power leasing and an asset-light connectivity model, followed by medium-term plans to develop regional AI hubs and long-term plans to build a global compute grid powered by green energy.

"While consolidating our core business, we also clarified our long-term strategy: building a global, distributed AI compute network powered by green energy, with bitcoin mining as the practical on-ramp toward our energy and compute ambitions," Yu said.

The firm also changed its reporting currency to U.S. dollars in the third quarter to reflect the dollar-denominated nature of its revenues following the divestiture of its China-based business in May.