Question · Q2 2025
Shaojie Chi asked how Cango plans to maintain its computing power market share against leading competitors like Mara and CleanSpark, which have also reached 50 EH, and whether the company faces miner supply shortages or energy efficiency bottlenecks. She also inquired about potential restrictive policy risks for infrastructure investment in the U.S.
Answer
CFO Michael Zhang explained that competitiveness is maintained through optimizing computing power efficiency, leveraging a unique asset-led model for strategic acquisition of second-hand miners, and dynamically upgrading to more energy-efficient machines. He assured that miner supply shortage is not a bottleneck. CEO Paul Yu addressed U.S. policy risks, stating that Cango continuously monitors the environment, employs local compliance teams, and communicates regularly with energy regulators, noting that most computing power-friendly states offer subsidies rather than restrictions.