Cango Inc. disclosed that it mined 546.7 BTC in November 2025, a 9.2% decline from the 602.6 BTC mined in October. The average daily production fell to 18.22 BTC from 19.44 BTC, while the company’s Bitcoin holdings rose to 6,959.3 BTC, up 547 BTC from the 6,412.6 BTC reported in October. Deployed hashrate remained steady at 50 EH/s, but the average operating hashrate slipped to 44.38 EH/s from 46.09 EH/s, reflecting a slight dip in operational efficiency during the month.
The drop in production and operating hashrate is attributed to a combination of higher network difficulty and a strategic focus on optimizing equipment utilization. CEO Paul Yu explained that the company has been “steady in its optimization efforts” to maintain an operating hashrate near 90% of deployed capacity, a target that has been challenging to hit consistently as the Bitcoin network’s difficulty climbs. The company’s investment in newer, more efficient mining rigs is expected to offset the short‑term decline as the hardware becomes fully deployed.
Cango’s broader strategy is to transition from a pure mining operation to a global, distributed AI compute network powered by green energy. The November update confirmed the completion of the company’s direct listing on the New York Stock Exchange, a move that enhances institutional visibility and aligns the firm with U.S. regulatory standards. Yu noted that “Bitcoin mining is the practical on‑ramp toward our energy and compute ambitions,” underscoring the company’s long‑term vision to leverage its mining infrastructure for AI workloads.
Financially, Cango remains cash‑constrained. While the company’s liquidity ratios—current and quick—are healthy at 1.64, its operating margin has been pressured by rising energy costs and the need to fund capital expenditures for AI infrastructure. The company’s net loss for the year remains significant, and analysts expect continued cash burn as it scales its AI platform. These factors temper the positive operational narrative and explain why investors remain cautious.
Despite the operational decline, management signals confidence in the company’s trajectory. Yu emphasized that the increase in Bitcoin holdings and the steady deployed hashrate position Cango to capture upside in a recovering Bitcoin market while it builds the foundation for its AI compute network. The company’s focus on green energy and efficient hardware is intended to reduce long‑term operating costs and improve profitability as the AI compute business matures.
Overall, the November production update provides a clear snapshot of Cango’s current mining performance, its strategic pivot toward AI, and the financial headwinds it faces. The data reinforce the company’s commitment to operational optimization while highlighting the challenges of balancing short‑term mining output with long‑term infrastructure investment.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.