$BTC
BTCUSDT
Perp
66,413.5
-0.71%
🚨 Mining Crisis? Cango Reports $452M Loss
Cango posted a $452.8M net loss in 2025 despite $688M revenue.
BTC mining brought $675M, but costs exploded.
⚠️ Key numbers:
— 6,594 BTC mined (~18/day)
— Cost per BTC: $106K
— Market price: ~$73.9K
📉 Mining is now unprofitable
Expenses > $1.1B:
— Equipment depreciation: $338M
— Loan revaluation: $96M
📊 Stock reaction:
— -14% after report
— -60% over the year
🔥 Strategy shift:
Cango sold 4,451 BTC
Cut 30% hashrate
➡️ Moving from mining → AI infrastructure
💡 Why?
AI hosting > mining profits
HPC demand is booming
⚡ Meanwhile:
TeraWulf secured $500M credit line
Total funding: $6.5B
➡️ Expanding HPC data centers
📉 Conclusion:
Mining is struggling.
Smart players are pivoting to AI.