BITCOIN | One of the Leading Bitcoin Miners Globally Reports Over $400 Million in Losses in 2025

Bitcoin miner, Cango, reported a steep fourth-quarter loss as rising mining costs offset strong revenue growth from its crypto operations.

The company posted a net loss of about $285 million in Q4 2025, driven largely by high operating expenses and one-off charges tied to its ongoing business transformation.

Cango shares have fallen to $0.61 as of this writing, down from ~$4.50 on October 1 2026 – over 84% decline over a a period of 6 months.

Despite the loss, revenue remained robust, with bitcoin mining contributing the vast majority of income. Cango generated roughly $179.5 million in total Q4 revenue, including about $172.4 million from mining activities.

Overall, Cango posted a net loss of $452.8 million for 2025 largely driven by non-recurring transformation costs and market-driven fair-value adjustments.

Costs, however, surged alongside output. The average cost to mine bitcoin climbed above $100,000 per BTC on an all-in basis during the quarter, reflecting higher energy, infrastructure and scaling expenses.

The company also reported a significant adjusted EBITDA loss in the quarter, underscoring margin pressure even as production increased.

Cango mined over 1,700 BTC in Q4 and continues to scale its global operations, but said its financials were heavily impacted by transition-related expenses as it pivots toward integrating AI infrastructure with its mining business.

The results highlight the growing strain on crypto miners balancing expansion, rising costs and strategic shifts beyond bitcoin.

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