Cango's third-quarter revenue increased by 60.6%, with BTC mining output exceeding 1930 coins.

Cango reported strong third-quarter results on Tuesday, generating $224.6 million in revenue for the three months ended September 30, a 60.6% increase from the previous quarter. This marks one full year since the company completed its strategic transformation into a Bitcoin mining firm.

Bitcoin mining operations generated $220.9 million in revenue, with operating income of $43.5 million and net income of $37.3 million, while adjusted EBITDA rose to $80.1 million. During the third quarter, Cango mined 1,930.8 $BTC, averaging 21 $BTC per day, a 37.5% increase from the prior quarter. The average all-in cost per $BTC was $99,383, while the average cost excluding depreciation was $81,072. As of September 30, Cango had mined a total of 5,810 $BTC since entering the sector.

Cango's operational hash rate increased from 40.9 EH/s in July to 44.9 EH/s in September, reaching 46.1 EH/s in October. Cango CEO Paul Yu stated that the company has clarified its long-term strategy: using Bitcoin mining as a practical pathway to achieve energy and AI goals, building a globally distributed AI computing network powered by green energy.

[Odaily]