Bitcoin (BTC) miner Cango announced it sold 2,000 BTC in March 2026. The company used the funds from this sale to repay remaining Bitcoin-backed loans.

After the sale, the miner was left with a reserve of 1,025.69 BTC and $30.6 million in debt.

Cango reduced 2,000 BTC and its debts in one go.

According to the company, this debt reduction and recent capital investments, including a $65 million equity investment from the company’s management and a $10 million convertible bond from DL Holdings, have significantly strengthened the balance sheet.

“Together, these measures provide a strong financial foundation for managing market fluctuations and support the company’s planned transition to energy and artificial intelligence infrastructure,” the statement said.

On the cost side, the company reduced its average cash cost per coin to $68,215 in March, which was 19.3% less than in the last quarter of 2025 ($84,552). Additionally, it decommissioned inefficient miners and shifted to hash rate leasing in areas where hosting costs are high.

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Industry-wide Bitcoin sales

Cango is not the only miner selling BTC. Riot Platforms sold 3,778 BTC in the first quarter of 2026 for about $289.5 million, which was over 2.5 times the amount compared to the company’s quarterly production. At the end of the quarter, the company held 15,680 BTC, which was 18% less than at the end of 2025.

MARA went even further: it sold 15,133 BTC for about $1.1 billion in March. The company used the proceeds to pay off more than a billion dollars in nominal value of convertible debt.

Blockchain-tracking Lookonchain observed that both miners continued transactions in early April, indicating that sales continued into the second quarter as well.

“Bitcoin miner MARA again transferred out 250 BTC ($17.37 million),” the company reported on April 7.

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Miners are now selling in a situation where artificial intelligence is increasingly competing for data center hardware space. This shift is steering Bitcoin mining towards more variable and cheaper energy sources in the long term.

CoinShares estimates that publicly listed miners could derive up to 70% of their revenue from artificial intelligence by the end of 2026, while the current share is about 30%.