Cango Inc., a publicly traded mining company, announced its third-quarter financial results, reporting a total revenue of $224.6 million. Bitcoin mining contributed significantly to this figure, accounting for $220.9 million. During the quarter, Cango mined 1,930.8 BTC, averaging 21 BTC per day, with an average mining cost of $81,000 per BTC and a total cost of $99,400 per BTC.
The company achieved an operating profit of $43.5 million and a net profit of $37.3 million for the quarter. Additionally, Cango reported an adjusted EBITDA of $80.1 million, reflecting strong operational performance in the Bitcoin mining sector.
Cango Inc. Reports $224.6 Million in Q3 Revenue, Driven by Bitcoin Mining
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