Cango Inc. (NYSE: CANG), the Dallas-headquartered Bitcoin miner building an integrated energy and AI compute platform, released its March 2026 operational update on April 8. The company is deliberately pivoting from scale supremacy to cash-margin resilience. As of March 31, total operational hashrate stood at 37.01 EH/s, mixing core self-mining fleet and hashrate leasing arrangements. This lean-production model prioritizes margin stability over raw expansion.
Fleet Modernization: S21 Series Deployed in High-Cost Regions
Cango is selectively upgrading its fleet with S21 and S21XP series miners in regions like Paraguay and Oman where power costs are elevated, leveraging higher energy efficiency (J/TH) to offset tariffs. Concurrently, it is migrating other rigs to lower-cost, stable-power jurisdictions. At certain high-cost hosting sites, Cango adopted a revenue-sharing model with partners to keep operations viable during volatile markets.
Unit Cost Plunges 19.3% to $68,215 per Coin
The lean-production overhaul drove average cash cost per Bitcoin mined in March to $68,215.83, down 19.3% from $84,552 in Q4 2025. This improved cost base puts the mining business on a self-sustaining footing. The CFO said optimization continues, aiming to ensure positive site-level cash margins for stronger downside protection.
Deleveraging: Sold 2,000 BTC, Loan Balance Falls to $30.6M
Cango sold 2,000 Bitcoin in March, using proceeds to retire outstanding Bitcoin-backed loans. As of March 31, its Bitcoin-backed loan balance stood at $30.6 million, with a treasury position of 1,025.69 Bitcoin. This deleveraging, combined with a $65 million equity injection from leadership and a $10 million convertible bond from DL Holdings, strengthens the balance sheet to support the planned transition into energy and AI infrastructure.