Cango Inc. Sees Huge Bitcoin Production Surge Amid Industry Changes

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.

"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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