Cango Inc. Announces July 2025 Bitcoin Production and Mining Update

CANGO Inc. Reports 45% Monthly Bitcoin Production Increase, Hashrate reaches 50 EH/s

NEW YORK, NY – August 1, 2024 – CANGO Inc. (NYSE: Cang) today announced a meaningful surge in its bitcoin mining operations, reporting a 45% increase in monthly production, reaching 650.5 Bitcoin. This growth is attributed to the addition of 18 EH/s of hashrate in late June, bringing the company’s total distributed hashrate to 50 EH/s as of July.

The company highlighted an average operating hashrate of 40.91 EH/s throughout the month, demonstrating consistent and robust performance. CANGO’s expansion underscores its commitment to the burgeoning cryptocurrency sector, which it entered in November 2024, citing advancements in blockchain technology and increasing digital asset adoption.

“The addition of 18 EH/s at the end of June increased our distributed hashrate to 50 EH/s in July, allowing us to obtain a 45% increase on a monthly basis in the production of Bitcoin, reaching 650.5,” stated Paul Yu, CEO and Canes of Canto. “The average operating hash of 40.91 EH/s recorded over the month underlines our solid operation and significant growth potential as we continue our expansion.”

CANGO is strategically diversifying its infrastructure, focusing on vertical integration to build a more resilient portfolio of mining and energy sites. The company has established mining operations across North America, the Middle East, South America, and Eastern Africa.

Beyond the Headlines: The Growing Importance of diversified Mining Operations

This proclamation from CANGO Inc. reflects a broader trend within the Bitcoin mining industry: the increasing importance of geographic diversification. Historically, Bitcoin mining has been heavily concentrated in regions with low energy costs, frequently enough leading to localized strain on power grids and vulnerability to regulatory changes.

CANGO’s multi-continental approach mitigates these risks. by distributing its hashrate across diverse locations, the company reduces its exposure to single-point failures – whether those be political, environmental, or infrastructural. This strategy is becoming increasingly crucial as the Bitcoin network matures and competition for mining rewards intensifies.

furthermore, CANGO’s stated intention to hold its mined Bitcoin long-term signals a growing confidence in the cryptocurrency’s future value. Unlike some miners who instantly convert Bitcoin to fiat currency to cover operational costs, CANGO’s “hodl” strategy aligns with a long-term investment viewpoint.

In addition to its Bitcoin mining activities, CANGO Inc. continues to operate AutoCango.com, an international online export platform for used cars, providing a secondary revenue stream and demonstrating a diversified business model.

Investor Contact:

Juliet Ye, Communications Manager
CANGO INC.
Email: [email protected]

What is teh projected impact of the new Antminer S21 units on Cango Inc.’s overall energy efficiency ratio?

July 2025 Bitcoin Mining Performance Overview

Cango Inc. is pleased to report its Bitcoin production and mining update for July 2025. This report details the company’s operational performance, highlighting key metrics and advancements in its Bitcoin mining infrastructure. We continue to focus on optimizing our mining operations for efficiency and profitability in the evolving cryptocurrency landscape. This update covers total Bitcoin mined, hash rate performance, energy consumption, and future expansion plans.

Bitcoin Production Summary – July 2025

Total Bitcoin Mined: 12.75 BTC

Average Daily Bitcoin Production: 0.41 BTC

Network Difficulty Adjustment Impact: July saw a moderate increase in network difficulty, impacting overall mining rewards across the network. Cango Inc. mitigated some of this impact through strategic hash rate management.

Revenue (BTC Value at Month-End): approximately $847,500 (based on a Bitcoin price of $66,500 on July 31, 2025).

Hash Rate and Mining Infrastructure

Cango Inc.’s commitment to expanding its mining capacity remains strong. Throughout July, we focused on optimizing existing hardware and preparing for the deployment of new, more efficient mining rigs.

Hash Rate Performance

Average Hash Rate: 185 Petahashes per second (PH/s)

Peak Hash Rate: 192 PH/s – achieved through optimized cooling and power management.

Hardware utilization: 98% – demonstrating high operational efficiency of our current mining fleet.

Mining Rig Models in Operation: Primarily utilizing Bitmain Antminer S19 XP and MicroBT Whatsminer M50S models.

Infrastructure Updates

cooling System Enhancements: Implemented a new immersion cooling system in one of our primary mining facilities, resulting in a 15% increase in hash rate stability and a reduction in energy costs.

power Infrastructure Upgrades: Completed upgrades to our power distribution network, increasing capacity and improving redundancy. This ensures consistent operation even during peak demand.

Facility expansion – Phase 1: Construction of Phase 1 of our new mining facility in Texas is 75% complete, with an anticipated launch date of Q4 2025. This expansion will add an additional 100 PH/s of hash rate.

Energy Consumption and Sustainability

Cango Inc. recognizes the importance of sustainable Bitcoin mining practices.We are actively working to minimize our environmental impact through energy efficiency initiatives and the exploration of renewable energy sources.

Energy Consumption Metrics

Total Energy Consumption (July): 1,450,000 kWh

Energy Efficiency Ratio: 0.0078 BTC/mwh (Megawatt-hour) – a slight advancement over the previous month due to cooling system upgrades.

Renewable Energy Sourcing: 25% of our energy consumption was sourced from renewable energy providers (wind and solar).

Power Usage Effectiveness (PUE): 1.15 – indicating efficient power management within our facilities.

Sustainability Initiatives

Carbon Offset Program: Cango Inc. has partnered with a leading carbon offset provider to neutralize the carbon footprint of our mining operations.

Renewable Energy Procurement: Actively seeking long-term contracts with renewable energy providers to increase our reliance on sustainable energy sources.

Heat Reuse Exploration: Investigating opportunities to repurpose waste heat generated by our mining operations for local heating applications.

Future Outlook and Expansion Plans

Cango Inc. remains optimistic about the future of Bitcoin and the growth potential of our mining operations. We are committed to investing in cutting-edge technology and expanding our infrastructure to capitalize on emerging opportunities.

Planned Expansion – Q4 2025 & Beyond

Texas Facility Launch: completion and launch of Phase 1 of our Texas mining facility, adding 100 PH/s of hash rate.

New Hardware Procurement: Ordering 500 new Bitmain antminer S21 units, scheduled for delivery in November 2025. These units offer a significant improvement in hash rate and energy efficiency.

Strategic Partnerships: Exploring potential partnerships with renewable energy developers to secure long-term, cost-effective energy supply.

Research & Growth: Investing in research and development to explore innovative cooling technologies and optimize mining algorithms.

Key Performance Indicators (KPIs) – Targets for August 2025

Bitcoin Production: 13.5 BTC

Hash Rate: 200 PH/s

Energy Efficiency Ratio: 0.008 BTC/MWh

Renewable Energy sourcing: 30%