Cango Inc. Reports Significant Bitcoin Production Growth Amid Industry Shifts

Cango Inc. Updates Bitcoin Production and Mining Activities for November 2025

Cango Inc. (NYSE: CANG) has released its latest figures regarding Bitcoin production and mining operations for November 2025. The company produced 546,760 Bitcoins in November, averaging 18.2 Bitcoins per day, compared to 2.6 Bitcoins in October. Cango's total Bitcoin holdings increased to 6,959.3 BTC from 6,412.6 BTC the previous month.

The company maintained a deployed hashrate of 50 EH/s, with an average operational hashrate of 44.38 EH/s. Paul Yu, CEO of Cango, noted that November marked a significant milestone in their strategic transformation, highlighting their operational improvements and the completion of their transition to the New York Stock Exchange.

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"These successes strengthen our foundation and advance our long-term vision of evolving from a leading Bitcoin miner to a global, decentralized AI computing network powered by green energy," said Paul Yu.

In summary, Cango Inc. has shown significant growth in Bitcoin production and holdings, marking a successful month in their strategic transformation.

IREN Limited's Major Financing Round and Market Reaction

IREN Limited has announced a substantial financing round aimed at raising $3.6 billion through convertible bonds and a capital increase. This announcement led to a sharp decline in the company's stock price, which fell approximately 15% in a single trading day, with a trading volume of 83.2 million shares, the highest in the company's history. Over the past 30 days, the stock has dropped more than 40%.

The financing plan includes $2 billion in convertible bonds and $1.63 billion from issuing nearly 40 million new shares at a price of $41.12 each. The funds are intended primarily for repurchasing existing convertible bonds maturing in 2029 and 2030, amidst a backdrop of declining stock prices and market volatility.

Despite the negative market reaction, IREN reported a revenue of $233 million from Bitcoin mining in Q3 2025, with a net profit of $385 million, indicating strong operational performance. However, the financing announcement has overshadowed these positive fundamentals.

In conclusion, IREN Limited's significant financing efforts have raised concerns among investors, leading to a notable decline in stock value despite strong operational results.

Bitcoin Mining Resurgence in China

Bitcoin mining activities in China, particularly in the provinces of Xinjiang and Sichuan, have seen a resurgence over the past two years. According to the Hashrate Index, China currently accounts for approximately 14% of the global Bitcoin mining power, ranking third after the USA and Kazakhstan. Some experts estimate this figure could be as high as 20%.

Factors contributing to this revival include the availability of surplus electricity from coal, wind, and hydropower, as well as the ability of data centers to rent out space and equipment to Bitcoin miners during low demand periods. Additionally, the rising Bitcoin prices have made mining more profitable, attracting both investors and miners back to the sector.

In summary, China's Bitcoin mining sector is experiencing a revival, driven by favorable energy conditions and increasing profitability, marking a significant shift in the global mining landscape.

Rising Costs in Bitcoin Mining and Shift to AI/HPC

The average cash cost of mining a Bitcoin has risen to $74,600, with total costs, including depreciation and stock-based compensation, reaching $137,800. This increase in costs has led many mining companies to pivot towards more profitable sectors such as AI and high-performance computing (HPC).

As the total network hashrate surpasses 1 ZH/s, competition has intensified, significantly reducing miner profitability. Consequently, the industry is splitting into two main models: infrastructure providers transforming mining data centers into profitable computing centers, and traditional miners struggling to survive in a highly competitive environment.

In conclusion, the rising costs of Bitcoin mining are prompting a significant shift in the industry towards AI and HPC, as companies seek more sustainable and profitable business models.

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Anonymous am 07.12.2025

Wow, Cango really blew it up in November! From 2.6 to 18.2 Bitcoins a day is like, wow, what a jump! But wait, how can they say “green energy” and still mine that much? Sounds kinda contradictory to me. And I dunno about AI and HPC, but if they can make money from it, cool I guess?

Anonymous am 07.12.2025

First off, I gotta say, Cango's growth is absolutely wild! Going from 2.6 to 18.2 Bitcoins a day is no small feat. Paul Yu mentioning a shift to "green energy" while ramping up those numbers does raise eyebrows, though. I mean, how green can it really be if they’re mining at that scale? It's like they want to have their cake and eat it too.

And then there's IREN - what a rollercoaster! They seem to be in a tricky spot with that big financing round, and a 15% drop in stock after announcing it? Ouch. But honestly, with solid earnings like $233 million from Bitcoin mining, you'd think investors would be a bit more forgiving. It’s interesting how the market reacts, sometimes it feels like they’re just looking for any excuse to panic.

And speaking of panic, I find it really intriguing how China is coming back into the mining game. I thought they were out for the count after all the crackdowns a while back. But hey, if they've got that cheap electricity, it makes total sense for miners to flock back there. The industry's shifting winds are fascinating; companies are turning to AI and HPC amidst rising costs like you mentioned. It feels like we’re on the brink of a big transformation. Who knows what Bitcoin mining will look like in a few years if things keep going this way!

Super excited to see where this all heads next. Anyone else feeling the tension and potential in the air?

Article Summary

Cango Inc. reported a significant increase in Bitcoin production and holdings for November 2025, while IREN Limited's financing announcement caused a sharp decline in its stock despite strong operational results; meanwhile, China's Bitcoin mining sector is reviving due to favorable energy conditions amidst rising costs pushing miners towards AI and HPC sectors.