Cango Inc. Announces January 2025 Production Update for Crypto Mining Business

Rhea-AI Summary

Cango Inc. (NYSE: CANG) has released its crypto mining production update for January 2025. The company produced 538.2 Bitcoins in January 2025, compared to 569.9 Bitcoins in December 2024. The average daily Bitcoin production decreased to 17.4 from 18.4 in the previous month.

The company's total Bitcoin holdings increased to 1,472.0 as of January 2025 end, up from 933.8 at the end of December 2024. Cango maintained its deployed hashrate at 32 EH/s, while the average operating hashrate slightly decreased to 30.1 EH/s from 30.4 EH/s in December.

Positive

• Increased total Bitcoin holdings by 538.2 to 1,472.0 BTC
• Maintained stable deployed hashrate at 32 EH/s
• Strong daily production rate of 17.4 BTC

Negative

• 5.6% decrease in monthly Bitcoin production (538.2 vs 569.9)
• Slight decline in average operating hashrate to 30.1 EH/s from 30.4 EH/s
• Decreased daily Bitcoin production from 18.4 to 17.4 BTC

News Market Reaction

%

1 alert

% News Effect

On the day this news was published, CANG declined NaN%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

SHANGHAI, Feb. 5, 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 January 2025.

Bitcoin Mining Update for January 2025

Metrics	Jan 2025 1	Dec 2024 1
Number of Bitcoins produced	538.2	569.9
Average number of Bitcoins produced per day	17.4	18.4
Total number of Bitcoins held 2	1,472.0	933.8
Total number of Bitcoins sold 2	-	-
Deployed hashrate 2	32 EH/s	32 EH/s
Average operating hashrate 3	30.1 EH/s	30.4 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-january-2025-production-update-for-crypto-mining-business-302368570.html

SOURCE Cango Inc.

FAQ

How many Bitcoins did CANG produce in January 2025?

Cango produced 538.2 Bitcoins in January 2025, averaging 17.4 Bitcoins per day.

What is CANG's total Bitcoin holdings as of January 2025?

As of January 2025, Cango held 1,472.0 Bitcoins in total.

How did CANG's Bitcoin production change from December 2024 to January 2025?

Bitcoin production decreased from 569.9 in December 2024 to 538.2 in January 2025, a reduction of 31.7 Bitcoins.

What is CANG's current deployed hashrate and average operating hashrate?

CANG maintains a deployed hashrate of 32 EH/s with an average operating hashrate of 30.1 EH/s as of January 2025.

Did CANG sell any Bitcoins during January 2025?

According to the report, Cango did not sell any Bitcoins during January 2025.