Cango's revenue rose 60.6% in the third quarter, with BTC mining output exceeding 1,930 coins.

Odaily Planet Daily reports that Cango announced strong third-quarter results on Tuesday, generating $224.6 million in revenue for the three months ending September 30, a 60.6% increase from the previous quarter. This marks one year since the company's strategic transformation into a Bitcoin mining company.

Bitcoin mining revenue reached $220.9 million, operating income was $43.5 million, net income was $37.3 million, and adjusted EBITDA increased to $80.1 million. Cango mined a total of 1930.8 BTC in the third quarter, averaging 21 BTC per day, a 37.5% increase from the previous quarter. The average total cost of mining was $99,383 per BTC, and the average cost excluding depreciation was $81,072. As of September 30, Cango had mined 5810 BTC since entering the field.

Cango's operating computing power 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 clearly defined its long-term strategy: using Bitcoin mining as a practical approach to achieving its energy and AI goals, building a globally distributed AI computing network powered by green energy. (TheBlock)