Cango Inc. reported a $452.8 million net loss for 2025 in its first full year as a Bitcoin miner, alongside $688.1 million in revenue and 6,594.6 BTC mined. The company said the result was heavily affected by $338.3 million in non-cash impairment losses tied to mining equipment, even as it scaled its mining footprint to around 50 EH/s.