Unknown Analyst's questions to Cango Inc (CANG) leadership • Q4 2024
Question
An analyst from Unknown Securities asked a series of detailed questions covering Cango's Bitcoin price expectations, competitive advantages, operational management, 2025 hashrate targets, energy costs, average mining cost per Bitcoin, cash flow sufficiency, and the potential impact of price volatility.
Answer
Executive Jiayuan Lin and CFO Yongyi Zhang addressed the questions. Lin projected a Bitcoin price of $90k-$120k in 2025 and noted high barriers to entry for competitors. He stated operations are currently managed in partnership with Bitmain, with plans to build an in-house team. Zhang provided specifics, including a target to become the second-largest public miner, an average energy consumption of 21.6 j/TH, and a Q4 mining cost of approximately $67,770 per Bitcoin (excluding depreciation). He assured that the company has sufficient cash flow post-acquisition and manages volatility risk through a 'mine and hold' strategy and substantial capital reserves.