Cango Inc. Maintains Strong Mining Efficiency and Expands Bitcoin Holdings Amidst April Production Shift

Rhea-AI Summary

Cango Inc. (NYSE: CANG) reported its April 2025 bitcoin mining performance, showing a 11.3% decrease in monthly production to 470.0 Bitcoins from 530.1 in March. Despite lower production, the company expanded its Bitcoin holdings to 2,944.8 BTC (valued at $279 million) as of April 30, up from 2,474.8 BTC in March.

The company maintained its deployed hashrate at 32 EH/s, with average operating hashrate slightly declining to 29.9 EH/s from 30.3 EH/s. CEO Jiayuan Lin attributed the production decline to a significant surge in global hashrate and an 8% increase in mining difficulty compared to March.

Positive

• Increased total Bitcoin holdings to 2,944.8 BTC, worth $279 million
• Maintained stable deployed hashrate at 32 EH/s
• Continued commitment to Bitcoin holding strategy for long-term value creation

Negative

• 11.3% decrease in monthly Bitcoin production (470.0 vs 530.1)
• Decline in average daily Bitcoin production to 15.7 from 17.1
• Slight decrease in average operating hashrate to 29.9 EH/s from 30.3 EH/s

News Market Reaction

+2.26%

1 alert

+2.26% News Effect

On the day this news was published, CANG gained 2.26%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

SHANGHAI, May 7, 2025 /PRNewswire/ -- Cango Inc. (NYSE: CANG), a leading bitcoin mining company, recently released its April 2025 production update for its crypto mining operations.

In April 2025, Cango mined a total of 470.0 Bitcoins, an 11.3% decrease compared to 530.1 Bitcoins mined in March 2025. The average daily Bitcoin production was 15.7 in April, compared to 17.1 in March.

Despite the month-over-month production dip, Cango increased its total Bitcoin holdings, reaching 2,944.8 as of April 30, 2025, up from 2,474.8 at the end of March. The Company's deployed hashrate remained consistent at 32 EH/s, while the average operating hashrate was 29.9 EH/s, compared to 30.3 EH/s in March 2025.

"The production decline in April was mainly due to a significant surge in the global hashrate, marking its second-largest monthly increase ever recorded. Consequently, the mining difficulty rose by 8% compared to March," said Jiayuan Lin, Chief Executive Officer of Cango, "Despite this short-term fluctuation in production volume, we remain firmly committed to our Bitcoin holding strategy. With the current value of our Bitcoin holdings at $279 million, we are confident that our strategic initiatives and ongoing operational enhancements will continue to generate long-term value for our stakeholders."

About Cango Inc.

Cango Inc. (NYSE: CANG) primarily operates a leading Bitcoin mining business. Cango has deployed its mining operation across strategic locations including North America, Middle East, South America, and East Africa. Cango expanded into the crypto assets market in November 2024, driven by the development in blockchain technology, increasing prevalence of crypto assets and its endeavor to diversify its business. Meanwhile, Cango has continued to operate the automotive transaction service in China since 2010, aiming to make car purchases simple and enjoyable. For more information, please visit: www.cangoonline.com.

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SOURCE Cango Inc.

FAQ

How many Bitcoins did CANG mine in April 2025?

Cango Inc. mined 470.0 Bitcoins in April 2025, down 11.3% from 530.1 Bitcoins in March 2025.

What is CANG's total Bitcoin holdings as of April 30, 2025?

Cango Inc. held 2,944.8 Bitcoins as of April 30, 2025, valued at $279 million.

What caused the decrease in CANG's Bitcoin production in April 2025?

The production decline was due to a significant surge in global hashrate and an 8% increase in mining difficulty compared to March.

What is CANG's current deployed hashrate?

Cango Inc. maintains a deployed hashrate of 32 EH/s, with an average operating hashrate of 29.9 EH/s.