Cango Inc.（NYSE：CANG）從汽車交易到比特幣採礦的樞軸

該來賓帖子來自Bitcoinminingstock.io，這是所有物品比特幣採礦，教育工具和行業見解的一站式樞紐。

Cango Inc. (NYSE: CANG) has become a hot topic in the stock market, known for its pivot from automobile trading to Bitcoin mining. The company is now aiming for 50 EH/s by early 2025, and with a growing BTC treasury and links to Bitmain, many are wondering if this could be the next big name in the mining sector.

Cango Inc.（NYSE：CANG）已成為股票市場上的熱門話題，以其從汽車交易到比特幣採礦而聞名。該公司現在的目標是到2025年初到2025年初，並且隨著BTC財政部的越來越多，與Bitmain的鏈接，許多人想知道這是否可能是採礦業中的下一個大牌。

The company’s journey began in Shanghai, where it focused on auto financing before pivoting to used car sales from China to Southeast Asia. By November 2024, Cango had launched Bitcoin mining operations with 32 EH/s online, placing it among the top-three public Bitcoin miners by deployed capacity.

該公司的旅程始於上海，在該上海專注於汽車融資，然後旋轉使用從中國到東南亞的汽車銷售。到2024年11月，Cango在線上推出了32 EH/s的比特幣採礦業務，將其置於部署的容量之列。

This integration was swift, considering the company started the year with no mining operations and was pivoting from a relatively mature business with limited growth potential in automobile trading.

考慮到該公司成立了一年，沒有採礦業務，並且從一家相對成熟的業務旋轉，其汽車交易潛力有限。

A Cango Deep Dive

坎戈深潛水

The following guest post comes from Bitcoinminingstock.io, the one-stop hub for all things bitcoin mining stocks, educational tools, and industry insights. Originally published on Mar. 25, 2025, it was penned by Bitcoinminingstock.io author Cindy Feng.

以下來賓帖子來自Bitcoinminingstock.io，這是所有物品比特幣採礦，教育工具和行業見解的一站式樞紐。它最初於2025年3月25日出版，由Bitcoinminingstock.io作者辛迪·馮（Cindy Feng）撰寫。

It’s been a few weeks since our last deep dive into lesser-known names in the Bitcoin mining space. I’ve been a bit quiet—partly because the sector’s been in a slump, but also because I’ve been recovering from a lower-back injury (a reminder to listen to your body and don’t push it too hard with physical activities).

自從我們上次深入研究比特幣採礦空間中鮮為人知的名字以來已經有幾週了。我之所以安靜一些 - 部分是因為該行業處於低迷狀態，但也因為我一直在低下損傷中恢復過來（提醒您傾聽您的身體，並且不要在體育鍛煉中努力推動它）。

For the second installment of this series, I want to talk about Cango Inc. (NYSE: CANG).

對於本系列的第二部分，我想談談Cango Inc.（NYSE：CANG）。

Why Cango?

為什麼坎戈？

While the whole mining sector has been taking a beating lately, Cango has had a few strong days, boosted by its share buyback announcement and a non-binding buyout offer.

雖然整個採礦部門最近都在毆打，但Cango度過了巨大的日子，這是由於其股票回購公告和非約束收購要約的推動。

But here’s what really caught my eye: just a few months ago, this was still an automobile trading platform with limited growth potential. Now, it’s targeting 50 EH/s by early 2025, with 32 EH/s already online.

但這是真正引起我關注的原因：就在幾個月前，這仍然是一個汽車交易平台，增長潛力有限。現在，到2025年初，它的目標是50 EH/s，已經在線32 EH/s。

So how is this bold pivot playing out? And could Cango quietly become a major player in the space? Let’s dive in.

那麼這個大膽的樞軸如何播放呢？坎戈能否悄悄地成為該領域的主要參與者？讓我們潛水。

Company Overview

公司概述

Cango Inc. (NYSE: CANG) began as a Shanghai-based auto financier and later positioned itself as a key player in China’s automobile trading services. By late 2023, the company has shifted its focus from the domestic market to facilitating used car sales from China to developing markets. Then in November 2024, Cango announced its entry into Bitcoin mining, launching operations with 32 EH/s of online hash rate. The scale and immediacy of this move surprised many investors—placing Cango just behind MARA and CleanSpark, and making it the third-largest public Bitcoin miner by deployed capacity at the time.

Cango Inc.（NYSE：CANG）最初是一名總部位於上海的汽車金融家，後來將自己定位為中國汽車交易服務的關鍵參與者。到2023年底，該公司已將其重點從國內市場轉移到促進二手車銷售額從中國轉移到發展中的市場。然後在2024年11月，Cango宣布進入比特幣採礦，並以32 EH/s的在線哈希速率啟動了運營。這一舉動的規模和即時性使許多投資者感到驚訝 - 將CANGO置於Mara和CleanSpark之後，並將其作為當時部署的容量成為第三大公共比特幣礦工。

The mining acquisition deal was for 50 EH/s in total, with the remaining 18 EH/s expected to come online in Q1 2025, subject to the performance criteria outlined in the agreement. Notably, the infrastructure was not built from scratch: Cango acquired operational ASIC fleets directly from Bitmain, and a Bitmain affiliate continues to manage the machines’ operations and maintenance within third-party hosting facilities.

採礦收購協議總計為50 EH/s，剩下的18 EH/S預計將於2025年第1季度上線，遵守協議中概述的績效標準。值得注意的是，基礎架構不是從頭開始建造的：Cango直接從Bitmain收購了ASIC艦隊，而Bitmain會員則繼續管理機器在第三方託管設施中的操作和維護。

According to company disclosures, Cango has its fleet mainly hosted in the U.S.,East Africa, Oman and Paraguay – which keeps it clear from China’s ongoing crypto restrictions.

根據公司的披露，CANGO的車隊主要在美國，東非，阿曼和巴拉圭舉辦，這使它從中國正在進行的加密限制中明確了。

Financial Highlights

財務亮點

Revenue & Profitability Transformation

收入和盈利能力轉型

The impact of Cango’s pivot to Bitcoin mining is clearly reflected in its latest financial results. In Q4 2024, the company reported revenue of RMB 668 million ($91.5 million), a 414% YoY increase. This growth was almost entirely driven by Bitcoin mining, which accounted for 98% of total revenue. In contrast, the automobile trading segment, once Cango’s core business, just contributed RMB 15 million ($2.1 million) – a signal that this legacy segment is effectively being phased out.

Cango的樞紐對比特幣採礦的影響顯然反映在其最新的財務業績中。在2024年第4季度，該公司報告收入為6.68億元（9150萬美元），同比增長414％。這種增長幾乎完全由比特幣開採驅動，該比特幣開採佔總收入的98％。相比之下，曾經是坎戈的核心業務的汽車交易領域剛剛貢獻了1500萬元人民幣（210萬美元），這表明該遺產細分市場實際上被淘汰了。

Despite the revenue surge, profitability remains a key issue. Cango posted a gross margin of 17.6% in Q4—significantly lower than peers with similar operational scale. For comparison, CleanSpark, which operates in a comparable hash rate range, reported a 57% gross margin during the same period. This suggests that Cango’s cost structure is far from optimized. Reliance on third-party hostingand exposure to higher energy costs are two major attributors.

儘管收入增長，盈利能力仍然是一個關鍵問題。 Cango在第四季度的毛利率為17.6％，比具有相似運營量表的同行少得多。為了進行比較，在可比的哈希速率範圍內運行的CleanSpark報告說，同一時期的毛利率為57％。這表明Cango的成本結構遠非優化。依賴第三方託管和較高能源成本的含量是兩個主要屬性。

The company’s average Bitcoin production cost stood at $67,769 per BTC(cash cost includes energy and hosting fees). This figure places Cango toward the higher end of the cost curve among large public miners we track — many

該公司的平均比特幣生產成本為每BTC $ 67,769（現金成本包括能源和託管費）。這個數字將Cango置於我們追踪的大型公共礦工中的成本曲線的高端 - 許多