Cango Posts $452M Loss in First Year of Bitcoin Mining

Cango Inc., a former Chinese auto financing and trading company, reported a $452.8 million net loss for 2025 — its first full year operating as a Bitcoin miner. The company generated $688.1 million in revenue, mining 6,594.6 BTC, according to unaudited results released Monday. Heavy Losses from Mining Costs Cango made a rapid pivot into Bitcoin mining in late 2024, scaling its hash rate and production to around 50 EH/s, putting it close to major miners like MARA Holdings (~58 EH/s) and CleanSpark (~45–50 EH/s). That scale helped the company generate $675.5 million in mining revenue in 2025. Despite

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