Cango Inc. Presents Key Highlights of Its Filed Annual Report
Cango Inc. (NYSE: CANG) reported remarkable growth in its 2024 annual report, highlighting its successful transformation into a major Bitcoin mining player. The company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, marking a 400% year-over-year increase, primarily driven by Bitcoin mining operations which contributed RMB653.0 million (US$89.5 million).
The company reported a significant turnaround with Q4 net income of RMB55.9 million (US$7.7 million), compared to a previous year's loss. Full-year 2024 revenues reached RMB804.5 million (US$110.2 million) with net income of RMB299.8 million (US$41.1 million).
As the third-largest publicly traded miner globally, Cango deployed 32 EH/s of mining capacity, mining 933.8 Bitcoin in Q4 with an efficiency of 17.81 BTC per EH/s. Operations span five countries, with 90% of its fleet comprising water-cooled Bitmain S19XP Hyd. machines. The company plans to expand to 50 EH/s by July 2025.
Cango Inc. (NYSE: CANG) ha riportato una crescita straordinaria nel suo rapporto annuale 2024, evidenziando la sua trasformazione di successo in un importante attore nel mining di Bitcoin. L'azienda ha registrato entrate totali di RMB668.0 milioni (US$91.5 milioni) nel quarto trimestre del 2024, segnando un aumento del 400% rispetto all'anno precedente, principalmente guidato dalle operazioni di mining di Bitcoin che hanno contribuito con RMB653.0 milioni (US$89.5 milioni).
L'azienda ha registrato un significativo cambiamento con un utile netto del quarto trimestre di RMB55.9 milioni (US$7.7 milioni), rispetto a una perdita dell'anno precedente. Le entrate totali per l'intero anno 2024 hanno raggiunto RMB804.5 milioni (US$110.2 milioni) con un utile netto di RMB299.8 milioni (US$41.1 milioni).
Essendo il terzo miner pubblico più grande a livello globale, Cango ha implementato una capacità di mining di 32 EH/s, estraendo 933.8 Bitcoin nel quarto trimestre con un'efficienza di 17.81 BTC per EH/s. Le operazioni si estendono su cinque paesi, con il 90% della sua flotta composta da macchine Bitmain S19XP Hyd. raffreddate ad acqua. L'azienda prevede di espandersi a 50 EH/s entro luglio 2025.
Cango Inc. (NYSE: CANG) reportó un crecimiento notable en su informe anual 2024, destacando su exitosa transformación en un jugador importante en la minería de Bitcoin. La compañía alcanzó ingresos totales de RMB668.0 millones (US$91.5 millones) en el cuarto trimestre de 2024, marcando un aumento del 400% interanual, impulsado principalmente por las operaciones de minería de Bitcoin que contribuyeron con RMB653.0 millones (US$89.5 millones).
La compañía reportó un cambio significativo con una utilidad neta en el cuarto trimestre de RMB55.9 millones (US$7.7 millones), en comparación con una pérdida del año anterior. Los ingresos totales del año 2024 alcanzaron RMB804.5 millones (US$110.2 millones) con una utilidad neta de RMB299.8 millones (US$41.1 millones).
Como el tercer minero que cotiza en bolsa más grande a nivel mundial, Cango desplegó 32 EH/s de capacidad de minería, extrayendo 933.8 Bitcoin en el cuarto trimestre con una eficiencia de 17.81 BTC por EH/s. Las operaciones abarcan cinco países, con el 90% de su flota compuesta por máquinas Bitmain S19XP Hyd. refrigeradas por agua. La compañía planea expandirse a 50 EH/s para julio de 2025.
Cango Inc. (NYSE: CANG)는 2024년 연례 보고서에서 놀라운 성장을 보고하며, 비트코인 채굴의 주요 플레이어로 성공적으로 변모했음을 강조했습니다. 이 회사는 2024년 4분기에 총 수익 6억 6,800만 RMB (9,150만 달러)를 기록하며 전년 대비 400% 증가를 달성했으며, 이는 주로 비트코인 채굴 작업에서 기인하여 6억 5,300만 RMB (8,950만 달러)를 기여했습니다.
회사는 4분기 순이익이 5,590만 RMB (770만 달러)로 전년도 손실에 비해 상당한 전환을 보고했습니다. 2024년 전체 수익은 8억 4,500만 RMB (1억 1,020만 달러)에 달하며 순이익은 2억 9,980만 RMB (4,110만 달러)입니다.
전 세계에서 세 번째로 큰 상장 채굴업체인 Cango는 32 EH/s의 채굴 능력을 배치하고, 4분기에 933.8 비트코인을 채굴하며 EH/s당 17.81 BTC의 효율성을 보였습니다. 운영은 5개국에 걸쳐 있으며, 90%의 함대는 수냉식 Bitmain S19XP Hyd. 기계로 구성되어 있습니다. 회사는 2025년 7월까지 50 EH/s로 확장할 계획입니다.
Cango Inc. (NYSE: CANG) a rapporté une croissance remarquable dans son rapport annuel 2024, mettant en avant sa transformation réussie en un acteur majeur dans le minage de Bitcoin. L'entreprise a réalisé des revenus totaux de 668,0 millions RMB (91,5 millions USD) au 4ème trimestre 2024, marquant une augmentation de 400% par rapport à l'année précédente, principalement soutenue par les opérations de minage de Bitcoin qui ont contribué à hauteur de 653,0 millions RMB (89,5 millions USD).
L'entreprise a signalé un retournement significatif avec un bénéfice net de 55,9 millions RMB (7,7 millions USD) au 4ème trimestre, par rapport à une perte l'année précédente. Les revenus totaux pour l'année 2024 ont atteint 804,5 millions RMB (110,2 millions USD) avec un bénéfice net de 299,8 millions RMB (41,1 millions USD).
En tant que troisième plus grand mineur cotée en bourse au monde, Cango a déployé une capacité de minage de 32 EH/s, extrayant 933,8 Bitcoin au 4ème trimestre avec une efficacité de 17,81 BTC par EH/s. Les opérations s'étendent sur cinq pays, avec 90% de sa flotte composée de machines Bitmain S19XP Hyd. refroidies à l'eau. L'entreprise prévoit d'étendre sa capacité à 50 EH/s d'ici juillet 2025.
Cango Inc. (NYSE: CANG) berichtete über ein bemerkenswertes Wachstum in ihrem Jahresbericht 2024 und hob ihre erfolgreiche Transformation zu einem bedeutenden Akteur im Bitcoin-Mining hervor. Das Unternehmen erzielte Gesamteinnahmen von 668,0 Millionen RMB (91,5 Millionen US-Dollar) im 4. Quartal 2024, was einen 400%igen Anstieg im Vergleich zum Vorjahr darstellt, hauptsächlich bedingt durch die Bitcoin-Mining-Operationen, die 653,0 Millionen RMB (89,5 Millionen US-Dollar) beitrugen.
Das Unternehmen meldete eine signifikante Wende mit einem Nettogewinn im 4. Quartal von 55,9 Millionen RMB (7,7 Millionen US-Dollar), im Vergleich zu einem Verlust im Vorjahr. Die Gesamteinnahmen für das gesamte Jahr 2024 erreichten 804,5 Millionen RMB (110,2 Millionen US-Dollar) mit einem Nettogewinn von 299,8 Millionen RMB (41,1 Millionen US-Dollar).
Als der setzte Cango 32 EH/s Mining-Kapazität ein und förderte im 4. Quartal 933,8 Bitcoin mit einer Effizienz von 17,81 BTC pro EH/s. Die Operationen erstrecken sich über fünf Länder, wobei 90% der Flotte aus wassergekühlten Bitmain S19XP Hyd. Maschinen bestehen. Das Unternehmen plant, bis Juli 2025 auf 50 EH/s zu expandieren.
- 400% year-over-year revenue growth to RMB668.0 million in Q4 2024
- Turned net loss into profit with Q4 net income of RMB55.9 million
- Strong liquidity position with RMB2.5 billion in cash and equivalents
- Secured position as third-largest publicly traded Bitcoin miner globally
- High operational efficiency with 17.81 BTC per EH/s mining rate
- Geographic diversification across five countries reduces operational risk
- High Bitcoin mining costs at US$67,769.9 per Bitcoin
- Heavy concentration (90%) on single machine model poses potential technology risk
- Significant dependency on Bitcoin mining revenue (97.8% of Q4 revenue)
Insights
Cango's Q4 and FY2024 results highlight a transformative 400% year-over-year revenue surge to
For the full year, Cango reported total revenues of
The company's Bitcoin mining operations have quickly scaled to 32 exahashes per second, positioning Cango as the third-largest publicly traded miner globally. Their operational efficiency metrics are notable, with 17.81 BTC mined per EH/s and a cash cost of
Cango's geographical diversification across five countries provides regulatory hedge benefits, while their planned expansion to 50 EH/s by July 2025 represents an ambitious 56% capacity increase that could further drive revenue growth if Bitcoin pricing remains favorable.
Cango's rapid ascension to become the third-largest publicly traded Bitcoin miner globally represents a remarkable execution of business transformation. Their deployment of 32 EH/s (exahashes per second) of computing power places them among the elite mining operations, with only two other public companies commanding larger hashrate.
The company's mining efficiency metrics demonstrate operational excellence in a highly competitive sector. Their fleet achieves 21.6 joules per terahash (J/TH), which is highly competitive in the industry where power efficiency directly correlates with profitability margins. The production of 933.8 Bitcoin in Q4 at a cash cost of
Their hardware strategy focuses on premium equipment, with
Cango's HODL strategy—maintaining custody of all mined Bitcoin rather than liquidating—represents a significant vote of confidence in Bitcoin's long-term value proposition. Their planned expansion to 50 EH/s by July 2025 would further cement their position among top-tier mining operations, provided they can maintain their current efficiency metrics with the new capacity.
Fourth Quarter & Full Year 2024 Financial Performance
The Company achieved total revenues of
For the full year, Cango reported total revenues of
Bitcoin Mining Operational Highlights
Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin, achieving an industry-leading efficiency of 17.81 BTC per EH/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of
Cango's mining operations span five countries, including
Looking ahead, the Company plans to expand its hashrate to 50 EH/s by the end of July 2025 through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin holdings.
Media Contact
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: ir@cangoonline.com
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SOURCE Cango Inc.
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