Cango Reports Q2 Earnings: Improved Adjusted EBITDA, 50 EH/s Achieved, Now Among Largest Bitcoin Miners Globally
Cango Inc. (NYSE:CANG) has emerged as a significant player in the competitive Bitcoin mining industry, reporting a substantial operational scaling to 50 EH/s of computing power at the close of Q2 2025. This rapid expansion positions Cango among the global leaders, with the company estimating that its deployed hash rate represented 6% of the global Bitcoin network by June-end.
For the three months ended June 30, 2025, Cango mined a total of 1,404.4 Bitcoin at an average cost to mine, excluding depreciation of mining machines, of $83,091 per Bitcoin. All-in costs were $98,636, in line with industry averages. The company said a key driver for the quarter’s growth was a recent acquisition of 18 EH/s, which increased Cango’s total mining capacity to 50 EH/s, solidifying its standing as the second largest publicly-listed Bitcoin miner by hashrate. That contributed to an increase in Bitcoin production to 650.5 Bitcoins in July — a 44% increase compared to June. Their Bitcoin treasury currently exceeds 5,000.
From Restructuring To Revenue
Management attributed this growth and market penetration to a comprehensive strategic transformation initiated over the past nine months. This involved a significant governance and leadership overhaul, a $352 million divestiture from its operations in China completed in May and a firm pivot to an “asset-light” operational model.
“The second quarter of 2025 marks a significant milestone as we report our first full …
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