Blockchain Press Releases
Cango Inc. Presents Key Highlights of Its Filed Annual Report
SHANGHAI, March 27, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG), a rapidly expanding leader in Bitcoin mining, today announced key highlights from its filed annual report, marked by a successful pivot towards cryptocurrency mining and significant operational milestones, including securing its position as the third-largest publicly traded miner globally and a 400% year-over-year revenue increase.
Fourth Quarter & Full Year 2024 Financial Performance
The Company achieved total revenues of RMB668.0 million (US$91.5 million) in Q4 2024, reflecting a 400% year-over-year increase. This growth was primarily driven by the launch of its Bitcoin mining business, which generated RMB653.0 million (US$89.5 million) in revenues. Net income for the quarter was RMB55.9 million (US$7.7 million), a notable turnaround from a net loss of RMB103.8 million in Q4 2023. Cango maintained strong liquidity with cash, cash equivalents, and short-term investments totaling RMB2.5 billion (US$345.3 million) as of December 31, 2024.
For the full year, Cango reported total revenues of RMB804.5 million (US$110.2 million), with net income reaching RMB299.8 million (US$41.1 million), a significant turnaround from a net loss of RMB37.9 million in 2023. The results reflect the successful integration of Bitcoin mining operations alongside ongoing optimization of its legacy automotive services.
Bitcoin Mining Operational Highlights
Cango deployed 32 exahashes per second (EH/s) of Bitcoin mining capacity in Q4 2024, securing its position as the third-largest publicly traded miner globally. During the quarter, the Company mined 933.8 Bitcoin, achieving an industry-leading efficiency of 17.81 BTC per EH/s. Operational costs were optimized, with an average fleet efficiency of 21.6 joules per terahash (J/TH) and a cash cost of US$67,769.9 per Bitcoin (excluding depreciation). As of December 31, 2024, Cango held a total of 933.8 Bitcoin, aligning with its long-term accumulation strategy.
Cango’s mining operations span five countries, including the United States (38% of total hashrate), East Africa (37%), Oman, Paraguay, and Canada. Approximately 90% of its fleet comprises water-cooled Bitmain S19XP Hyd. machines, ensuring competitive energy efficiency and operational stability.
Looking ahead, the Company plans to expand its hashrate to 50 EH/s by the end of July 2025 through the completion of its second-phase asset acquisition. Cango aims to further reduce energy costs by leveraging favorable regulatory developments in traditional energy markets and exploring partnerships for sustainable power solutions. Additionally, Cango is committed to enhancing its presence in the digital asset ecosystem while maintaining a disciplined approach to managing its Bitcoin holdings.
Media Contact
Juliet Ye
Cango Inc.
Tel: +86 21 3183 5088 ext.5581
Email: [email protected]
View original content:https://www.prnewswire.co.uk/news-releases/cango-inc-presents-key-highlights-of-its-filed-annual-report-302413107.html
Blockchain Press Releases
Bybit Surpasses 70 Million Users, Reinforces Commitment to Transparency and Institutional Growth
DUBAI, UAE, May 9, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, today announced it has surpassed 70 million registered users, a milestone that highlights the platform’s sustained global growth and deepening trust among both retail and institutional clients. This achievement underscores Bybit’s robust market presence and its steadfast commitment to security, compliance, and product innovation.
“Reaching 70 million users is more than a number—it’s a testament to the trust our global community places in us,” said Ben Zhou, co-founder and CEO of Bybit. “We are doubling down on compliance, institutional-grade infrastructure, and user-centric innovation to ensure everyone—from first-time traders to global institutions—can access the future of finance with confidence.”
Strengthening Global Compliance and Regulatory Engagement
Bybit continues to expand its global compliance framework, working closely with regulators around the world. Most recently, Bybit held strategic discussions with Vietnam’s Ministry of Finance, contributing to the country’s regulatory sandbox initiative by sharing expertise in KYC, AML, and international best practices.
Bybit has also made key progress in major jurisdictions, including the United Arab Emirates, further demonstrating its commitment to regulatory alignment and operational transparency.
Accelerating Institutional Growth
Bybit is seeing rapid growth among institutional clients, driven by high-performance trading infrastructure, advanced risk controls, and strategic partnerships. The integration with Zodia Custody—a leading provider of institutional-grade custody and off-venue settlement solutions—reflects Bybit’s ongoing efforts to meet the needs of sophisticated investors with robust, compliant offerings.
Pioneering Web3 Integration and Real-World Utility
Bybit continues to lead in practical Web3 innovation. The Bybit Card, now used by nearly 2 million people, enables everyday crypto spending, while Bybit Pay streamlines on-chain and off-chain transactions for both users and merchants.
In line with its user-first philosophy, Bybit is also leveraging artificial intelligence to enhance trading, research, and support services. CryptoLens, an in-house AI analytics tool, offers users deep insights into token fundamentals, community activity, social trends, and tokenomics—even for projects not listed on the platform. TradeGPT, an AI agent trained on Bybit’s proprietary data, delivers rapid price action summaries and technical analysis, helping traders make smarter decisions. Complementing these innovations, an AI Support Agent enhances customer service by improving response efficiency and user experience across the platform.
Bridging Traditional Finance and the Future of Digital Assets
Bybit remains committed to its role as #TheCryptoArk—a safe, trusted bridge from traditional finance into the world of Web3. Through intuitive products, regulatory collaboration, and cutting-edge technology, Bybit empowers users of all levels to navigate and thrive in the digital asset ecosystem.
“We’re building the infrastructure for the next era of finance,” Ben added. “By championing regulation, professionalism, and a relentless user-first approach, we’re shaping a safer, more inclusive, and more empowering financial future for all.”
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-surpasses-70-million-users-reinforces-commitment-to-transparency-and-institutional-growth-302451104.html
Blockchain Press Releases
Unleashing the Power of Futures Combo Bots on Bybit: Leveling up Futures Trading with More Rewards
DUBAI, UAE, May 9, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, Futures Combo Carnival, a month-long trading event rewarding both new and experienced Futures Combo traders with multiple rewards tracks. Trading thresholds start at 300 USDT with rewards of up to 500 USDT in prizes weekly.
The largest Futures Combo campaign on Bybit to date, the Carnival gives traders even more reasons to make their futures trading journey hassle-free and more rewarding. Bot-enabled automated trading is becoming the norm among strategic traders in a turbulent market, where no traders can afford manmade mistakes or delays in execution.
Bybit’s Futures Combo Bot is a powerful tool for streamlining users’ futures trading experience, empowering them to build portfolios and rebalance positions across multiple futures contracts. The innovative solution allows traders to set up a Bot within minutes, minimizing manual management of complex trading strategies, and achieving both efficiency and flexibility when managing combos of futures contracts.
From now to Jun. 9, 2025, eligible Bybit users may take part in two events with a welcome bonus for first-time users:
- The Combo Battle offers newcomers who achieve a trading volume of 300 USDT an immediate 5 USDT Bot Bonus on a first-come, first-served basis, while experienced traders can earn lucky draw tickets by reaching volume milestones of 1,000 USDT and 2,500 USDT respectively using Bybit’s Futures Combo Bot.
- The Combo Challenge invites Mandarin-speaking Key Opinion Leaders to create and share their trading strategies on social media using the hashtag #ComboChallenge, with three weekly winners receiving 500 USDT each.
Bybit is committed to making futures trading more accessible to users looking to diversify their trading strategies. With rewards designed for both newcomers and experienced traders, this event strengthens community engagement while supporting users wherever they are on their trading journey. For more details and terms and conditions, users may visit: Bybit Futures Combo Carnival
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Logo – https://mma.prnewswire.com/media/2267288/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/unleashing-the-power-of-futures-combo-bots-on-bybit-leveling-up-futures-trading-with-more-rewards-302451105.html
Blockchain Press Releases
Bybit Unifies Loan Products to Enhance Capital Efficiency for Crypto Traders
DUBAI, UAE, May 9, 2025 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is enhancing the user experience and capital efficiency of its lending products by integrating Crypto Loans (flexible loans) and Fixed Rate Loans into a single, streamlined interface.
The integration introduces a unified platform for both loan types, enabling users to compare, manage, and optimize their borrowing strategies with greater ease. All loan products are now accessible under the Crypto Loans page, with a redesigned layout that prioritizes usability and transparency.
“Our goal is to simplify how users interact with our lending products while enhancing their capital flexibility,” said Emily Bao, Head of Spot at Bybit. “By consolidating management tools and aligning risk models, we’re giving our users more control and clarity over their borrowing activity.”
Key upgrades include:
- Unified Cross Margin Model: Both flexible and fixed-term loans will now operate under a shared cross-margin system, allowing users to benefit from consolidated Loan-to-Value (LTV) ratios — set at 80% (initial), 85% (margin call), and 92% (liquidation).
- Shared Collateral: Collateral can now be used interchangeably across both loan types, enabling more agile capital deployment.
- Tiered Collateral Ratios: All supported assets will follow a tiered collateral system, reflecting each asset’s risk profile — consistent with the structure previously applied to Fixed Rate Loans.
- Updated Interest Calculation: Interest will be calculated hourly using a compounding method: total debt (principal + accrued interest) multiplied by the hourly interest rate.
Existing loan orders will remain unaffected, continuing under their original terms and conditions. For users seeking further information, detailed guides on both Fixed Rate Loans and Crypto Loans are available via the Bybit Help Center.
This strategic move reaffirms Bybit’s commitment to innovation and user empowerment in the evolving digital asset economy.
#Bybit / #TheCryptoArk
About Bybit
Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For updates, please follow: Bybit’s Communities and Social Media
Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube
Photo – https://mma.prnewswire.com/media/2683407/Bybit_Unifies_Loan_Products_Enhance_Capital_Efficiency_Crypto_Traders.jpg
Logo – https://mma.prnewswire.com/media/2267288/5310253/Logo.jpg
View original content:https://www.prnewswire.co.uk/news-releases/bybit-unifies-loan-products-to-enhance-capital-efficiency-for-crypto-traders-302451043.html
-
Blockchain Press Releases3 days agoHTX Premieres USD1 Stablecoin Globally, Partnering with World Liberty Financial to Forge a New Era of Decentralized Economy
-
Blockchain2 days ago
Colb Asset SA Raises $7.3 Million in Oversubscribed Round to Bring Pre-IPO Giants to Blockchain
-
Blockchain6 days agoUnitedStaking.com Launches Advanced Crypto Staking Platform with Global Reach and Real-World Impact
-
Blockchain Press Releases3 days agoJuCoin made a global impact at TOKEN2049 Dubai, advancing its ecosystem with the “Peak Experience” vision and JuChain’s robust tech.
-
Blockchain2 days agoBlocks & Headlines: Today in Blockchain – May 7, 2025 | Coinbase, Riot Games, Curve DAO, Litecoin, AR.IO
-
Blockchain Press Releases2 days agoGRVT Launches Biggest Ever Trading Competition for Retail Traders, Offering Up to 175,000 USDT in Prizes
-
Blockchain Press Releases1 day agoHTX and Justin Sun Launch $6M Mars Program Special Edition, Offering One User a Historic Space Journey
-
Blockchain4 days ago
Blocks & Headlines: Today in Blockchain – May 5, 2025 – Arkham, Blockchair, Worldcoin, Maldives
