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Public miner audit · Oct 12, 2026 · 6 min read

Cango in the first half of 2026: $78,200 per bitcoin all-in, against $75,900 of revenue

Cango mined 1,922 BTC in the first half of 2026 on machines hosted at third-party sites. Running them cost $78,200 per bitcoin before hardware, and each bitcoin brought in $75,900. With no energy figures disclosed, we estimate its all-in rate at 6.6¢ to 8.5¢ per kWh.

Firsthand public miner audit card: Cango, first half of 2026, $78,200 per bitcoin all-in

TL;DR

What Cango reported

Cango is a foreign private issuer listed in New York. It files quarterly results as 6-K releases (Q1 2026, Q2 2026) and an annual 20-F, and posts monthly operating updates on its investor-relations site. It started mining in November 2024 and ended 2025 with 50 EH/s deployed. The 20-F says its machines are hosted by third parties at data centres in several countries, the largest share in North America, and that Bitmain accounted for 94% of its energy and hosting costs in 2025.

In 2026 Cango made the fleet smaller. It sold or retired older S19 machines, moved some capacity to lower-cost power and put part of it into hashrate leasing at sites with high hosting fees. On 31 March it ran 27.98 EH/s of self-mining and 9.02 EH/s of leased hashrate; on 30 June, 19.84 EH/s and 7.74 EH/s. The leased capacity produced little bitcoin: April's 230.04 BTC came exclusively from self-mining, and May's self-mining output was 236.5 of 237.59 BTC (May update).

Mining was 96.5% of revenue in the first quarter and 93.4% in the second. The rest is a used-car export business and a new AI computing subsidiary, EcoHash, which converted the company's Georgia site and expected its first revenue in the third quarter.

The power bill, inside the hosting bill

Cango pays hosts an all-in fee, so power can't be separated from hosting. The 20-F shows one line, "energy and hosting costs": $525.6 million in 2025. The quarterly releases give only total cost of revenue before depreciation, $99.6 million in the first quarter and $50.7 million in the second.

Cango does state its own unit cost: an average cash cost of $76,928 per bitcoin in the first quarter and $73,313 in the second. In 2025 the same measure ($79,707 per bitcoin, in the Q4 release) multiplied by the 6,594.6 BTC mined equals the 20-F's energy and hosting line exactly. We therefore take energy and hosting as that metric times bitcoin mined: $97.4 million in the first quarter, $48.1 million in the second, $145.5 million in the half. No curtailment or power-sale credits are disclosed.

Cango reports no kWh, no ¢/kWh and no J/TH. To put a rate on it, we estimate energy from output. The hashrate that actually produced its bitcoin works out at 31.8 EH/s in the first quarter and 16.0 EH/s in the second. At an assumed 17 to 22 J/TH, energy and hosting comes to 6.4¢ to 8.3¢ per kWh in the first quarter and 6.3¢ to 8.1¢ in the second. These are estimates, not disclosures.

Everything else it takes to run the sites

The rest of cost of revenue before depreciation was $2.2 million in the first quarter and $2.6 million in the second, $4.8 million in the half. It may include the cost of the non-mining revenue, which the releases do not break out. Added to energy and hosting, the all-in rate is an estimated 6.6¢ to 8.5¢ per kWh in both quarters.

General and administrative costs, after removing stock-based pay and allocating by mining's share of revenue, were $5.5 million in the first quarter and $6.4 million in the second. That makes the fully loaded rate an estimated 6.9¢ to 9.0¢ per kWh in the first quarter and 7.4¢ to 9.6¢ in the second. Allocated stock-based pay was a further $2.9 million over the half.

What a bitcoin cost Cango

Per bitcoin, energy and hosting was $75,700 over the half and $78,200 all-in. With overheads it was $84,400, or $85,900 including stock-based pay. Mining revenue was $75,900 per bitcoin mined.

The second quarter cost less per bitcoin in energy and hosting than the first, $73,300 against $76,900, as the older machines came out. Overheads weighed more on a smaller output, so the loaded cost rose from $83,000 to $87,100.

PeriodBitcoin minedPower ¢/kWhAll-in ¢/kWhLoaded ¢/kWhPower $/BTCAll-in $/BTCLoaded $/BTCRevenue $/BTC
Q1 20261,2666.4–8.3¢ est.6.6–8.5¢ est.6.9–9.0¢ est.$76,900$78,700$83,000$77,800
Q2 20266566.3–8.1¢ est.6.6–8.5¢ est.7.4–9.6¢ est.$73,300$77,300$87,100$72,300
H1 20261,922see quarters6.6–8.5¢ est.see quarters$75,700$78,200$84,400$75,900
Cango, first half of 2026. "Power" is energy and hosting together: Cango reports them as one cost. Rates are estimated ranges at an assumed 17 to 22 J/TH; Cango discloses no kWh. Loaded adds cash overheads allocated by mining's share of revenue. Hardware is excluded.

The hardware

Machines appear here in full and stay out of cost per bitcoin. A machine is the roof over the operation; what each bitcoin costs to make is the running cost.

Depreciation was $46.3 million over the half. Cango also wrote down $91.9 million of mining machines and booked $28.9 million of losses on machines it disposed of, as it sold older capacity. The quarterly releases carry no cash-flow statement, so 2026 spending on machines is not disclosed.

PeriodDepreciationImpairment of mining machinesLoss on disposal of machinesMining capex
Q1 2026$29.4M$49.0M$20.3Mnot disclosed
Q2 2026$16.9M$42.9M$8.5Mnot disclosed
H1 2026$46.3M$91.9M$28.9Mnot disclosed
Cango hardware costs from its income statements (Q1 and Q2 2026 6-K releases). None of these are in the cost per bitcoin above.

What it means

Cango mined 1,922 BTC in the half at an estimated 6.6¢ to 8.5¢ per kWh all-in, energy and hosting included. Hosting at Firsthand's sites runs from 3.9¢ to 6.5¢ per kWh all-in, on our sites page. Mining output depends on bitcoin's price, difficulty and uptime, and isn't guaranteed. This is our analysis of the company's public filings, not an audit in the accounting sense.

Method and sources

Bitcoin mined, mining revenue, cost of revenue, depreciation, impairments, G&A and stock-based pay are from the Q1 and Q2 2026 6-K releases. The first quarter's 1,266 BTC is not split between self-mining and leasing; monthly updates suggest leasing added little. Energy and hosting is Cango's own cash cost per bitcoin times bitcoin mined, a method that matches the 20-F exactly for 2025. Other direct cost is the rest of cost of revenue before depreciation. Overheads are allocated by mining revenue over total revenue.

Energy is estimated. Bitcoin mined is grossed up for an assumed 2% pool fee and divided by the network's hashprice summed over the quarter, which gives the hashrate that actually ran. That is multiplied by 17 J/TH and 22 J/TH, an assumed span from the S19 generation Cango is retiring to the S21 machines it is deploying (March update), and by the hours in the quarter. Cango's reported averages were 37.02 EH/s in January (January update) and 34.55 EH/s in February (February update), close to the 31.8 EH/s estimate for the first quarter. The second-quarter estimate of 16.0 EH/s is below the month-end self-mining figures, which are snapshots rather than averages.

Cango moved some sites to revenue-sharing with hosts from March, so part of its hosting cost moves with bitcoin's price. Fair-value changes on bitcoin and the hedging programme started in the second quarter are not operating costs and are left out.

Sources and further reading

Disclosure

Firsthand Bitcoin sells and hosts mining hardware. This is our analysis of the company's public filings, not an audit in the accounting sense, and it is not investment advice. Every reported figure links to the filing it comes from; figures we estimated are labelled, with their inputs. No company paid for or reviewed this page. Corrections are published with the date they were made.