Cango's Q3 revenue reached $225 million, turning profitable, with Computing Power soaring to 50 EH/s and plans to develop an AI Computing Power network.

[Block Rhythm] Cango delivered an impressive performance in the third quarter - total revenue of $225 million, with a quarter-on-quarter big pump of 60.6%. Operating profit of $43.5 million and net profit of $37.32 million, turning around from a loss in the same period last year to profitability.

After a year of transforming into a Bitcoin mining enterprise, their global hash rate deployment has surged to 50 EH/s, firmly establishing them in the industry's top tier. In the third quarter, they mined 1930.8 BTC, an increase of 37.5% compared to the previous quarter, averaging 21 coins per day. The all-in cost for a single Bitcoin is $99,383, a figure driven by equipment upgrades (adopting the T21 and S21 series miners) and the new acquisition of a 50-megawatt mining farm in Georgia coming into play. The efficiency of the hash rate has surpassed 90%, and in October, the operational hash rate climbed again to 46.09 EH/s.

In the field of AI computing power, they are targeting a long-term goal of “a globally distributed AI computing power network powered by green energy.” The idea is to leverage existing distributed operational experience and global energy layout to create a standardized GPU computing power resource pool specifically to serve the differentiated needs of small and medium-sized enterprises. New energy pilot projects in Oman and Indonesia have already been launched and are expected to be implemented within 1-2 years.