Cango, a Bitcoin (BTC) miner, announced that it sold 2,000 BTC in March 2026, using the proceeds from the sale to pay off loans secured by Bitcoin

This sale leaves the company with 1,025.69 BTC in reserve and total outstanding debt of 30.6 million USD

Cango released 2,000 BTC while reducing debt at the same time.

The company revealed that the reduction of this debt, when combined with the new capital received, including an investment of 65 million USD in common stock from the company's management team and another 10 million USD in convertible bonds from DL Holdings, has significantly strengthened the company's financial position.

These measures have collectively created a solid financial foundation for the company to withstand market volatility and support plans to transition into energy infrastructure and AI business, according to the press release. Read more.

In terms of costs, the company was able to reduce its average cash cost per coin down to 68,215 USD in March, a decrease of 19.3% compared to the fourth quarter of 2025, which was at 84,552 USD. Additionally, it has retired inefficient mining machines and switched to leasing hashrate in regions with high hosting fees.

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The sale of Bitcoin across the industry.

Cango is not the only miner dumping BTC, as Riot Platforms sold 3,778 BTC in the first quarter of 2026, worth about 289.5 million USD, which is 2.5 times the company's quarterly production. The company ended that quarter holding 15,680 BTC, an 18% decrease from the end of 2025.

As for MARA, it sold BTC even further, with a sale of 15,133 BTC for approximately 1.1 billion USD in March. The company used the proceeds to retire convertible bonds totaling over 1 billion USD.

In early April, the on-chain tracker Lookonchain also detected additional BTC transfers from both companies, indicating that sales continue into the second quarter.

MARA, a Bitcoin miner, has transferred 250 BTC (17.37 million USD) once again, as the company posted on April 7.

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Miners are selling in an environment where AI competes for space in data centers increasingly, so this shift is likely to push Bitcoin mining towards using cheaper and more intermittent energy sources in the long run.

CoinShares estimates that by the end of 2026, publicly traded miners could generate up to 70% of revenue from AI, up from the current approximately 30%.