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SHANGHAI, March 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), a quickly increasing chief in Bitcoin mining, at present introduced key highlights from its filed annual report, marked by a profitable pivot in the direction of cryptocurrency mining and vital operational milestones, together with securing its place because the third-largest publicly traded miner globally and a 400% year-over-year income enhance.
Fourth Quarter & Full 12 months 2024 Monetary Efficiency
The Firm achieved complete revenues of RMB668.0 million (US$91.5 million) in This autumn 2024, reflecting a 400% year-over-year enhance. This progress was primarily pushed by the launch of its Bitcoin mining enterprise, which generated RMB653.0 million (US$89.5 million) in revenues. Internet revenue for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a internet lack of RMB103.8 million in This autumn 2023. Cango maintained sturdy liquidity with money, money equivalents, and short-term investments totaling RMB2.5 billion (US$345.3 million) as of December 31, 2024.
For the complete 12 months, Cango reported complete revenues of RMB804.5 million (US$110.2 million), with internet revenue reaching RMB299.8 million (US$41.1 million), a big turnaround from a internet lack of RMB37.9 million in 2023. The outcomes mirror the profitable integration of Bitcoin mining operations alongside ongoing optimization of its legacy automotive providers.
Bitcoin Mining Operational Highlights
Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capability in This autumn 2024, securing its place because the third-largest publicly traded miner globally. Through the quarter, the Firm mined 933.8 Bitcoin, reaching an industry-leading effectivity of 17.81 BTC per EH/s. Operational prices had been optimized, with a mean fleet effectivity of 21.6 joules per terahash (J/TH) and a money value of US$67,769.9 per Bitcoin (excluding depreciation). As of December 31, 2024, Cango held a complete of 933.8 Bitcoin, aligning with its long-term accumulation technique.
Cango’s mining operations span 5 international locations, together with the US (38% of complete hashrate), East Africa (37%), Oman, Paraguay, and Canada. Roughly 90% of its fleet includes water-cooled Bitmain S19XP Hyd. machines, making certain aggressive vitality effectivity and operational stability.
Wanting forward, the Firm plans to develop its hashrate to 50 EH/s by the tip of July 2025 by the completion of its second-phase asset acquisition. Cango goals to additional cut back vitality prices by leveraging favorable regulatory developments in conventional vitality markets and exploring partnerships for sustainable energy options. Moreover, Cango is dedicated to enhancing its presence within the digital asset ecosystem whereas sustaining a disciplined strategy to managing its Bitcoin holdings.
Media Contact
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
E mail: [email protected]
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