{"id":95314,"date":"2026-03-17T18:21:04","date_gmt":"2026-03-17T15:21:04","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=95314"},"modified":"2026-03-17T18:25:23","modified_gmt":"2026-03-17T15:25:23","slug":"cango-reports-453-million-loss-in-first-year-of-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/cango-reports-453-million-loss-in-first-year-of-bitcoin-mining\/","title":{"rendered":"Cango Reports $453 Million Loss in First Year of Bitcoin Mining"},"content":{"rendered":"<p>The mining company Cango <a href=\"https:\/\/www.prnewswire.com\/news-releases\/cango-inc-reports-fourth-quarter-and-full-year-2025-unaudited-financial-results-302714552.html\">reported<\/a> a net loss of $452.8 million for the year 2025. The firm&#8217;s CFO, Michael Zhang, attributed the result to one-time costs related to business transformation and market volatility.\u00a0<\/p>\n<p>Revenue amounted to $688.1 million, with nearly the entire sum ($675.5 million) derived from bitcoin mining. In its first full year of industrial-scale operations, the company produced 6,594.6 BTC \u2014 averaging about 18 coins per day.<\/p>\n<p>Operating expenses exceeded $1.1 billion. Key items included:\u00a0<\/p>\n<ul class=\"wp-block-list\">\n<li>depreciation of mining equipment ($338.3 million);<\/li>\n<li>revaluation of loans secured by the first cryptocurrency ($96.5 million).<\/li>\n<\/ul>\n<p>In the fourth quarter, Cango lost $285 million with revenue of $179.5 million and operating expenses of $456 million. The cost of production rose to $106,251 per BTC. With the current price of digital gold at $73,900, mining has ceased to be profitable.\u00a0<\/p>\n<p>Following the release of the financial report, the company&#8217;s shares fell by 14.4%. Over the year, the stock depreciated by more than 60%.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"592\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191-1024x592.png\" alt=\"image\" class=\"wp-image-276922\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191-1024x592.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191-300x173.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191-768x444.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191-1536x888.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/img-9cef3659c974315d-8977070649911191.png 1868w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Source: <a href=\"https:\/\/finance.yahoo.com\/quote\/CANG\/\">Yahoo Finance<\/a>.\u00a0<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Sale of Reserves and Strategic Shift<\/h2>\n<p>In February 2026, Cango <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-miner-cango-sells-4451-btc-and-announces-ai-expansion\">sold<\/a> 4,451 BTC to reduce debt and strengthen its balance sheet. In March, it was also revealed that the firm had shut down 30% of its hash rate.\u00a0<\/p>\n<p>Instead of accumulating and mining, the company now views bitcoin as a treasury asset to finance new ventures.<\/p>\n<p>CEO Paul Yu stated that Cango is &#8220;moving towards AI infrastructure.&#8221; In the near term, the company plans to implement modular container solutions for computational tasks in the neural network sector.\u00a0<\/p>\n<p>The shift towards artificial intelligence has become one of the most notable trends in the crypto industry. Demand for <span data-descr=\"high-performance computing\" class=\"old_tooltip\">HPC<\/span> is growing, and miners possess equipment suitable for these needs. Moreover, AI hosting <a href=\"https:\/\/forklog.com\/en\/news\/trader-predicts-bitcoins-death-as-miners-pivot-to-ai\">yields<\/a> more revenue than traditional digital asset mining, which <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-price-drop-renders-many-asic-miners-unprofitable\">has become unprofitable<\/a> following the latest <a href=\"https:\/\/forklog.com\/en\/news\/what-is-the-bitcoin-halving\">halving<\/a> and prolonged cryptocurrency price declines.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">TeraWulf Expansion\u00a0<\/h2>\n<p>TeraWulf continues to increase debt financing as part of its strategy to transition to high-performance computing. The firm has opened a $500 million credit line for one year. The funds will be used to build a data center in Hayesville, USA, reports <a href=\"https:\/\/theenergymag.com\/news\/2026-03-16\/terawulf-ai-bridge-loan\">TheEnergyMag<\/a>.\u00a0<\/p>\n<p>The new borrowings are part of <a href=\"https:\/\/forklog.com\/en\/news\/terawulf-to-raise-3-billion-with-morgan-stanleys-assistance\">a large-scale campaign<\/a> to raise funds, which has already altered TeraWulf&#8217;s capital structure.\u00a0<\/p>\n<p>By the end of February 2026, the company had completed financing totaling approximately $6.5 billion. The total contracted capacity of the firm&#8217;s HPC infrastructure now stands at 522 megawatts of critical IT load. Resources are distributed between the Lake Mariner and Abernathy sites.<\/p>\n<p>In March, analysts at Hashrate Index <a href=\"https:\/\/forklog.com\/en\/news\/oil-crisis-to-impact-bitcoin-miners-through-price-volatility-say-analysts\">warned<\/a> that the oil crisis amid the war in Iran would impact miners through the price of bitcoin.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The mining company Cango reported a net loss of $452.8 million for 2025. Revenue was $688.1 million, while operating expenses exceeded $1.1 billion.<\/p>\n","protected":false},"author":1,"featured_media":95315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"Cango reported a $452.8 million loss in 2025 with revenue of $688.1 million.","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1137],"class_list":["post-95314","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"125","promo_type":"1","layout_type":"1","short_excerpt":"Cango reported a $452.8 million loss in 2025 with revenue of $688.1 million.","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95314","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=95314"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95314\/revisions"}],"predecessor-version":[{"id":95316,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/95314\/revisions\/95316"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/95315"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=95314"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=95314"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=95314"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}