Bitcoin mining company Cango said on Wednesday it slashed its Bitcoin production cost to $68,215 per coin, a 19.3% cost reduction compared to the average cash cost of $84,552 per coin reported in the fourth quarter of 2025.
The company attributed the reduction to its shift toward a “lean-production model” that prioritizes margin resilience over raw scale, according to its monthly operational report. Cango said the production cost reduction will help the company weather the volatility of Bitcoin prices.
The company sold 2,000 Bitcoin (BTC) in March at an average price between $68,000 and $69,000, a spokesperson for Cango told Cointelegraph, netting the company around $137 million. Cango said the proceeds were used to reduce outstanding Bitcoin-backed loans. As of March 31, Cango had $30.6 million in Bitcoin-backed loans outstanding and held 1,025.69 BTC in its treasury.
The update shows how some listed Bitcoin miners are prioritizing deleveraging and cash-margin discipline over raw scale as financing conditions remain tight. Cango also reported a $65 million equity investment from members of the company’s leadership team and a $10 million convertible bond from DL Holdings. The Bitcoin miner said it will continue de-leveraging to support its planned transition into energy and artificial intelligence (AI) infrastructure.
Top Bitcoin mining companies by hashrate. Source: BitcoinMiningStock
Cango is the world’s sixth-largest Bitcoin mining company by hashrate, with 27.9 exahashes per second (EH/s), accounting for 2.82% of the global Bitcoin mining hash power, according to data from BitcoinMiningStock.
The company reported a total operational hashrate of 37.01 EH/s, including 27.9 EH/s in self-mining and 9.02 EH/s in hashrate leasing.
Cango stock price, year-to-date chart. Source: Google Finance
Cango’s stock price rose 3.44% in pre-market trading on Wednesday, but has fallen by around 72% year-to-date, according to Google Finance data.
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Bitcoin miners sell as Strategy continues to buy
Cango’s sale also comes as other listed Bitcoin-linked companies have used treasury sales to strengthen balance sheets.
MARA Holdings, the second-largest BTC miner, disclosed that it sold about $1.1 billion worth of Bitcoin in March to repurchase convertible debt at a discount.
Still, the largest public holder of Bitcoin continues to accumulate. Michael Saylor’s Strategy disclosed a $330 million Bitcoin acquisition on Monday, bought at an average price of $67,718 per coin, despite paper losses on its holdings surpassing $14.5 billion during the first quarter of the year.
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