If you have been following the mining or computing industry recently, Cango's Q3 report card is definitely worth taking a few minutes to review. According to BlockBeats, Cango directly boosted its revenue to $225 million in Q3 2025, a month on month increase of 60.6%. Even more exaggerated is that the company, which was previously losing money, now has an operating profit of 43.5 million US dollars and a net profit of 37.32 million US dollars, which can be considered a complete turnaround from losses to profits, jumping several steps in a row. This is a definite milestone for its strategic transformation one-year anniversary. Then let's look at the core business: mining Bitcoin. Cango has now reached 50 EH/s globally, officially entering the ranks of a "world-class mining enterprise". In the third quarter, a total of 1930.8 BTC were mined, a month on month increase of 37.5%, with an average daily output of around 21 BTC. The "full cost" of mining a Bitcoin now is $99383, which is quite impressive in the industry where costs are generally increasing. Why can we control costs? Two keywords: upgrading equipment+expanding production capacity. Cango has recently upgraded to the new generation of mining machines T21/S21 series on a large scale, with better energy efficiency; At the same time, they also acquired a 50 megawatt mine in Georgia, USA. Equipment upgrade, energy cost reduction, combining both ends, and achieving a computing efficiency of over 90% directly. In October, their actual operating computing power increased to 46.09 EH/s, indicating that the new machines are basically running at full capacity. But the key point is: Cango is not just a mining company, it has already begun to transform towards AI computing power. Their long-term goal is to create a globally distributed AI computing power network driven by green energy. It sounds big, but the core logic is actually very clear: Mining is naturally a distributed, low-cost electricity industry with strong hardware management capabilities, so cutting AI computing power is very smooth. Cango is currently building a standardized GPU computing resource pool, mainly aimed at small and medium-sized enterprises - those customers who cannot afford high priced cloud computing power from large companies but still have demand. Furthermore, they have already launched new energy pilot projects in Oman and Indonesia, and are expected to achieve actual production capacity in the next 1-2 years. The data from Q3 indicates that Cango has firmly established its position in the mining industry, while also rushing into the long-term AI race at full speed. Nowadays, Cango is more like a global company that has upgraded from "mining BTC" to "selling computing infrastructure". The growth space after 2025 is actually larger than it is now. @Cango_Group