Cango Inc.（NYSE：CANG）从汽车交易到比特币采矿的枢轴

该来宾帖子来自Bitcoinminingstock.io，这是所有物品比特币采矿，教育工具和行业见解的一站式枢纽。

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）已成为股票市场上的热门话题，以其从汽车交易到比特币采矿而闻名。该公司现在的目标是到2025年初到2025年初，并且随着BTC财政部的越来越多，与Bitmain的链接，许多人想知道这是否可能是采矿业中的下一个大牌。

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.

该公司的旅程始于上海，在该上海专注于汽车融资，然后旋转使用从中国到东南亚的汽车销售。到2024年11月，Cango在线上推出了32 EH/s的比特币采矿业务，将其置于部署的容量之列。

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.

考虑到该公司成立了一年，没有采矿业务，并且从一家相对成熟的业务旋转，其汽车交易潜力有限。

A Cango Deep Dive

坎戈深潜水

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.

以下来宾帖子来自Bitcoinminingstock.io，这是所有物品比特币采矿，教育工具和行业见解的一站式枢纽。它最初于2025年3月25日出版，由Bitcoinminingstock.io作者辛迪·冯（Cindy Feng）撰写。

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).

自从我们上次深入研究比特币采矿空间中鲜为人知的名字以来已经有几周了。我之所以安静一些 - 部分是因为该行业处于低迷状态，但也因为我一直在低下损伤中恢复过来（提醒您倾听您的身体，并且不要在体育锻炼中努力推动它）。

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

对于本系列的第二部分，我想谈谈Cango Inc.（NYSE：CANG）。

Why Cango?

为什么坎戈？

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.

虽然整个采矿部门最近都在殴打，但Cango度过了巨大的日子，这是由于其股票回购公告和非约束收购要约的推动。

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.

但这是真正引起我关注的原因：就在几个月前，这仍然是一个汽车交易平台，增长潜力有限。现在，到2025年初，它的目标是50 EH/s，已经在线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.

那么这个大胆的枢轴如何播放呢？坎戈能否悄悄地成为该领域的主要参与者？让我们潜水。

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）最初是一名总部位于上海的汽车金融家，后来将自己定位为中国汽车交易服务的关键参与者。到2023年底，该公司已将其重点从国内市场转移到促进二手车销售额从中国转移到发展中的市场。然后在2024年11月，Cango宣布进入比特币采矿，并以32 EH/s的在线哈希速率启动了运营。这一举动的规模和即时性使许多投资者感到惊讶 - 将CANGO置于Mara和CleanSpark之后，并将其作为当时部署的容量成为第三大公共比特币矿工。

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.

采矿收购协议总计为50 EH/s，剩下的18 EH/S预计将于2025年第1季度上线，遵守协议中概述的绩效标准。值得注意的是，基础架构不是从头开始建造的：Cango直接从Bitmain收购了ASIC舰队，而Bitmain会员则继续管理机器在第三方托管设施中的操作和维护。

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.

根据公司的披露，CANGO的车队主要在美国，东非，阿曼和巴拉圭举办，这使它从中国正在进行的加密限制中明确了。

Financial Highlights

财务亮点

Revenue & Profitability Transformation

收入和盈利能力转型

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的枢纽对比特币采矿的影响显然反映在其最新的财务业绩中。在2024年第4季度，该公司报告收入为6.68亿元（9150万美元），同比增长414％。这种增长几乎完全由比特币开采驱动，该比特币开采占总收入的98％。相比之下，曾经是坎戈的核心业务的汽车交易领域刚刚贡献了1500万元人民币（210万美元），这表明该遗产细分市场实际上被淘汰了。

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.

尽管收入增长，盈利能力仍然是一个关键问题。 Cango在第四季度的毛利率为17.6％，比具有相似运营量表的同行少得多。为了进行比较，在可比的哈希速率范围内运行的CleanSpark报告说，同一时期的毛利率为57％。这表明Cango的成本结构远非优化。依赖第三方托管和较高能源成本的含量是两个主要属性。

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

该公司的平均比特币生产成本为每BTC $ 67,769（现金成本包括能源和托管费）。这个数字将Cango置于我们追踪的大型公共矿工中的成本曲线的高端 - 许多