Bybit
Cango sells 6,451 BTC and shifts away from mining
Cango Inc. sold 6,451 BTC between February and March 2026, generating approximately $442 million to repay crypto-backed loans. The move comes as the company shifts toward AI infrastructure and reduces reliance on bitcoin mining. This highlights a broader transformation in the mining industry.
BTC sales helped cut outstanding liabilities
In early February, the company sold 4,451 BTC at an average price of about $68,500 per coin. The transaction generated roughly $305 million.
In March, Cango sold an additional 2,000 BTC, raising about $137 million. The proceeds were used to further reduce outstanding crypto-backed debt to $30.6 million.
By the end of March, the company’s bitcoin holdings dropped to 1,025.69 BTC, down from over 7,500 BTC. Its operational hashrate declined to 37.01 EH/s.
Falling mining profitability is reshaping strategies
The decision reflects tightening mining economics. Profit margins are shrinking, while operational costs remain high. As a result, companies are seeking more stable revenue streams.
Cango also secured additional funding:
- $65 million in equity from insiders;
- $10 million convertible note;
- $10.5 million raised earlier.
At the same time, the company improved efficiency by:
- upgrading to Bitmain S21 and S21XP miners;
- relocating capacity to lower-cost energy regions;
- decommissioning outdated equipment.
These steps reduced the cost per mined bitcoin to about $68,215.
Miners are using assets to fund operations more often
Large-scale BTC sales reinforce a growing trend among miners. Companies are increasingly liquidating holdings to manage debt and fund operations.
This could lead to:
- increased supply pressure on the market;
- reduced long-term holding strategies;
- tighter mining margins across the sector.
However, network dynamics may offset individual hashrate reductions.
The industry is shifting to hybrid revenue models
Cango’s strategy reflects a structural shift in bitcoin mining. The sector is evolving toward infrastructure-driven business models.
Key trends include:
- flexible allocation of computing resources;
- expansion into AI and high-performance computing;
- stronger focus on energy efficiency.
As a result, mining companies are becoming hybrid infrastructure providers, combining bitcoin mining with AI compute services.
