The mining company Cango reported a net loss of $452.8 million for 2025. CFO Michael Zhang attributed the results to one-time business transformation costs and market volatility. 

Revenue totaled $688.1 million, with nearly all of it ($675.5 million) coming from Bitcoin mining. In its first full year of industrial-scale operations, the company produced 6,594.6 BTC, averaging about 18 coins per day.

Operating expenses exceeded $1.1 billion, with major costs including: 

  • depreciation of mining equipment ($338.3 million);
  • revaluation of loans secured by the leading cryptocurrency ($96.5 million).

In the fourth quarter, Cango lost $285 million on revenue of $179.5 million and operating expenses of $456 million. The cost of mining rose to $106,251 per BTC. With the current price of digital gold at $73,900, mining has become unprofitable. 

Following the earnings report, the company's stock fell by 14.4%. Over the year, shares have depreciated by more than 60%. 

Source: Yahoo Finance. 

Asset Sales and Strategic Shift

In February 2026, Cango sold 4,451 BTC to reduce its debt burden and strengthen its balance sheet. In March, it was also revealed that the company had shut down 30% of its hash rate. 

Instead of accumulating and mining, the company now views Bitcoin as a treasury asset to fund new ventures.

CEO Paul Yu stated that Cango is "moving towards AI infrastructure." In the near future, the company plans to implement modular container-type solutions for computational tasks in the neural network sector. 

The pivot towards artificial intelligence has become one of the most notable shifts in the crypto industry. Demand for high-performance computing (HPC) is rising, and miners possess the suitable equipment for these needs. Moreover, AI hosting generates more revenue than traditional digital asset mining, which has become unprofitable following the last halving and the prolonged decline in cryptocurrency prices. 

Falling revenues have forced Bitcoin miners to exchange crypto reserves for AI infrastructure

TeraWulf's Expansion 

TeraWulf continues to ramp up debt financing as part of its strategy to transition to high-performance computing. The firm has opened a $500 million credit line for one year. The funds will be used to build a data center in Haysville, USA, reports TheEnergyMag. 

The new borrowings are part of a large-scale fundraising campaign that has already altered TeraWulf's capital structure. 

By the end of February 2026, the company had secured approximately $6.5 billion in funding. The total contracted capacity of the firm's HPC infrastructure now stands at 522 megawatts of critical IT load, distributed between the Lake Mariner and Abernathy sites.

In March, analysts from Hashrate Index warned that the oil crisis amid the war in Iran would impact miners through Bitcoin prices. 

Bitcoin or artificial intelligence: what will miners choose?