Cango Cuts Production Cost 19.3%, Sells $143M Bitcoin to Slash Debt
Cango Inc. cut its average Bitcoin production cost by 19.3% to $68,216 per coin in March through hardware decommissioning and relocation to lower-cost power regions. The firm sold 2,000 BTC for roughly $143 million to retire crypto-backed debt, lowering outstanding loans to $30.6 million.
1. Production Cost Reduction and Fleet Optimization
Cango Inc. cut its average production cost per Bitcoin by 19.3% to $68,216 in March from $84,552 in Q4 through decommissioning older hardware and relocating operations to lower-cost power regions.
2. Bitcoin Sale and Debt Reduction
The company sold 2,000 Bitcoin during March, generating approximately $143 million in proceeds used to retire crypto-backed debt and reduce outstanding loan balances to $30.6 million.
3. Operational Metrics and Treasury Holdings
As of March 31, Cango held 1,025.69 BTC in its treasury valued at over $73 million and maintained a total hash rate of 37.01 EH/s, comprised of 27.98 EH/s from self-mining and 9.02 EH/s from leased capacity.
4. Strategic Pivot to AI Infrastructure
With production efficiencies and deleveraging complete, Cango plans to deploy freed capital toward AI computing infrastructure, leveraging its power and facility investments to enter higher-margin markets beyond traditional Bitcoin mining.