Cango Inc. Announces December 2024 Production Update for Crypto Mining Business

Rhea-AI Summary

Cango Inc. (NYSE: CANG) has released its crypto mining production update for December 2024. The company produced 569.9 Bitcoins in December, up from 363.9 in November. The average daily Bitcoin production slightly decreased to 18.4 Bitcoins from 18.9 in November.

The company's total Bitcoin holdings reached 933.8 by the end of December, with no Bitcoins sold during the period. Cango maintained its deployed hashrate at 32 EH/s, while the average operating hashrate slightly improved to 30.4 EH/s from 29.8 EH/s in November.

Positive

• 56.6% increase in monthly Bitcoin production (569.9 vs 363.9)
• 156.6% increase in total Bitcoin holdings (933.8 vs 363.9)
• Slight improvement in average operating hashrate (30.4 EH/s vs 29.8 EH/s)

Negative

• 2.6% decrease in average daily Bitcoin production (18.4 vs 18.9)

SHANGHAI, Jan. 2, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), a leading automotive transaction service platform in China, today announced its production update for crypto mining business in December 2024.

Bitcoin Mining Update for December 2024

Metrics	Dec 2024 1	Nov 2024 1
Number of Bitcoins produced	569.9	363.9
Average number of Bitcoins produced per day	18.4	18.9
Total number of Bitcoins held 2	933.8	363.9
Total number of Bitcoins sold 2	-	-
Deployed hashrate 2	32 EH/s	32 EH/s
Average operating hashrate 3	30.4 EH/s	29.8 EH/s

1. Unaudited, estimated.
2. As of month-end.
3. Average over the month.

About Cango Inc.

Cango Inc. (NYSE: CANG) is a leading automotive transaction service platform in China, connecting car buyers, dealers, financial institutions, and other industry participants. Founded in 2010 by a group of pioneers in China's automotive finance industry, the Company is headquartered in Shanghai and has a nationwide network. Leveraging its competitive advantages in technological innovation and big data, Cango has established an automotive supply chain ecosystem, and developed a matrix of products and services centering on used car trading and exporting. By working with platform participants, Cango endeavors to make car purchases simple and enjoyable, and make itself customers' car purchase service platform of choice. In recent years, Cango has diversified its business operations and expanded its operation into other industries, such as overseas crypto assets. For more information, please visit: www.cangoonline.com.

Investor Relations Contact

Yihe Liu
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com 

Helen Wu
Piacente Financial Communications
Tel: +86 10 6508 0677
Email: ir@cangoonline.com 

View original content:https://www.prnewswire.com/news-releases/cango-inc-announces-december-2024-production-update-for-crypto-mining-business-302341195.html

SOURCE Cango Inc.

FAQ

How many Bitcoins did CANG produce in December 2024?

Cango produced 569.9 Bitcoins in December 2024, compared to 363.9 in November 2024.

What is CANG's current Bitcoin holdings as of December 2024?

As of December 2024, Cango held 933.8 Bitcoins in total.

What is CANG's deployed hashrate capacity?

Cango's deployed hashrate capacity remained steady at 32 EH/s in December 2024.

How did CANG's average daily Bitcoin production change in December 2024?

The average daily Bitcoin production slightly decreased to 18.4 Bitcoins in December 2024 from 18.9 in November 2024.

Did CANG sell any Bitcoins in December 2024?

No, Cango did not sell any Bitcoins during December 2024.