Cango mining company mined 1,930 BTC in the third quarter and began transitioning to an AI Computing Power layout.

[Chain News] I saw the latest report card submitted by the listed mining company Cango, and the numbers are quite interesting.

In the third quarter, they achieved $225 million in revenue, with 98.4% coming from Bitcoin mining—essentially all in on mining. They netted $37.3 million, with adjusted EBITDA soaring to $80.1 million. In three months, they mined 1,930.8 BTC, which calculates to an all-in cost of about $99,400 per coin. As of the end of September, the total output has reached 5,810 BTC.

What is more noteworthy is their new move: they do not intend to stubbornly pursue the path of mining anymore, but instead are starting to lay out a global green AI computing power network. Energy projects have already been launched in Oman and Indonesia, indicating that they want to extend the energy management experience accumulated from mining to the AI computing power market.

This shift from single mining to computing power infrastructure truly aligns with the current trend — mining companies are no longer just fixated on coin prices, but are treating computing power as a broader business.