🚨 The end of mining or just a hard reset?

Cango Inc shares have fallen by -85% over the past six months — and this is not just a correction, but a warning signal for the entire industry ⚡️

• Loss for Q4 2025 — $285 million
• Mining costs — $106,000 per 1 BTC 🤯
• Operating expenses — $456 million with revenue of $179.5 million

In simple terms: mining has become more expensive than selling 💀

⚙️ Reasons for the pressure:
• Write-off of equipment for $81 million
• Revaluation of assets (minus $171 million)
• Rising costs with scaling

📊 For 2025:
• Loss — $452.8 million
• Mined — 6594 BTC (~18 BTC/day)

🧠 What the company is doing:
• Sold its auto loan business
• Sold 4451 BTC (~$305 million) to pay off debts
• Raised $75.5 million through shares
• Plans to enter AI 🤖

📉 But the market did not believe:
Share price fell from $4.50 → $0.59
Market capitalization — only $208 million

📌 This is not the "death of mining," but a new reality —
survivors are only those who have:
• cheap electricity ⚡️
• efficient equipment 🖥
• flexible strategy (AI, hosting, etc.)