Vana Mainnet Launches, $VANA Empowers Data as a New Asset Class in the Global AI Economy

By: blockbeats|2024/12/17 12:00:02

Monday, December 16, 2024 — Vana, the pioneering network where users own their data, announces the official launch of its mainnet and its native token $VANA. This launch marks an important step in breaking through the “data barrier” of AI development, while protecting privacy and allowing users to participate in the economic value of their data.

Vana was developed by San Francisco-based Open Data Labs, which originated from the MIT Media Lab. The Vana Network is an EVM-compatible blockchain that allows users to not only maintain ownership and control of their data, but also use that data for training AI models through privacy-preserving technology.

During the testnet phase, more than 1.3 million users contributed 6.5 million data points to DataDAO, processing approximately 1.7 million transactions per day. Anna Kazlauskas, Founder of Vana and CEO of Open Data Labs, said the testnet proves that programmable data ownership is critical to AI development: “Today’s mainnet launch represents a fundamental change in data ownership and monetization in the AI era. Although users legally own their data, platforms capture all of the economic value — and most users don’t even realize their data belongs to them! Vana lays the foundation for an entirely new data economy — where users can benefit from the AI models they help create, and developers have access to the cross-platform data they need to build powerful AI. Just as property rights drove prosperity in the modern economy, data rights in the digital economy will drive the next generation of AI.”

The core functions of the Vana mainnet include:

1. Secure nodes and trustless verification to ensure the credibility of data input
2. Detailed permission management for users to use data
3. On-chain data traceability to ensure transparent data usage
4. Data Liquidity Pool (DLP), which realizes collective management and profit distribution of data through DataDAO
5. Proof of Contribution mechanism to ensure fair rewards for high-quality data contributions
6. Pledge $VANA to DataDAO through Data Hub

Through the Proof of Contribution system, users can earn income by providing data to DataDAO and obtain tokens for specific data sets, which confer governance rights and maintain control over the use of data. These tokens can be redeemed for $VANA, while top DataDAOs will also receive additional rewards. In addition to data contributions, users can also earn more tokens by running nodes, validating transactions, and staking.

$VANA has a total supply of 120 million and will support the network's economic model, with functions including:

1. Governance of network parameters and data usage
2. Staking $VANA to secure the network and validate data contributions
3. Incentivizing high-quality data submissions
4. Revenue sharing from AI model development and data usage

Some of the DataDAO projects on Vana include DNA DAO, which focuses on addressing genetic data privacy, and an extension of the Reddit Data DAO, which has demonstrated the potential for community-owned data pools. Learn more about DataDAO on Vana here.

The mainnet launch comes at a time when AI development is facing data shortages and users want more control over their digital footprint. Vana's solution not only allows individuals to benefit from the AI economy, but also maintain ownership of their data.

As AI encounters data bottlenecks and more platforms monetize user data without sharing any of the benefits with users, users should have a stake in the future of AI. Vana Foundation CEO Art Abal said:

“In the Web2 era, the way private data is bought and sold no longer makes sense. A small number of platforms and data intermediaries extract user data and monopolize the value of data. They determine the price of data and the technology that results from it. The future will be different - we will determine the value of our own data and participate in the technology it creates. This is a data revolution!”

Users can stake $VANA on the Data Hub. For more information visit www.vana.org, read our Documentation, follow us on X, and release a new DataDAO.

Media Contact:

media@vanafoundation.org

About Vana

Vana is the first decentralized network where user-owned data is unlocked, unlocking data as a new digital asset class. The Vana Network consists of an EVM-compatible blockchain, a secure personal server environment, and a set of native contracts designed for the trustless and secure exchange of user-owned data through DataDao. The network enables users to maintain control of their data while participating in the growing AI economy while sharing it with others and being rewarded for it.

Media Kit | Vana Docs | X | Discord

About the Vana Foundation

The Vana Foundation is a not-for-profit entity whose core mission is to ensure the sustainability and growth of the Vana ecosystem.

About Open Data Labs

Open Data Labs is an independent research company focused on accelerating technologies that enable users to own their data. Open Data Labs created the Vana Protocol and provides ongoing core developer services to the Vana Foundation.

Contact

Nick Vivion

Vana Foundation

media@vanafoundation.org

On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.

2025 Full Year and Fourth Quarter Financial and Operational Highlights

• Financial Performance:

Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.

Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.

Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.

• Mining Operations and Costs:

A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.

The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;

The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.

As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.

• Strategic Progress:

The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.

CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."

"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."

The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."

Fourth Quarter 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.

Operating Costs and Expenses

The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.

This includes:

· Cost of Revenue (excluding depreciation): $1.553 billion

· Cost of Revenue (depreciation): $38.1 million

· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)

· Mining Machine Impairment Loss: $81.4 million

· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million

Profit Situation

The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.

The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.

The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.

Full Year 2025 Ongoing Operations Financial Performance

Revenue

The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.

Operating Costs and Expenses

The total annual operating costs and expenses amount to $1.1 billion.

Specifically, they include:

· Revenue Cost (excluding depreciation): $543.3 million

· Revenue Cost (depreciation): $116.6 million

· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)

· Miner Impairment Loss: $338.3 million

· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million

Profitability

The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.

The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.

Financial Position

As of December 31, 2025, the company's key assets and liabilities are as follows:

· Cash and Cash Equivalents: $41.2 million

· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million

· Miner Net Value: $248.7 million

· Long-Term Debt (related party): $557.6 million

In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.

Stock Repurchase

As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.

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