Bitcoin Miner Cango (NYSE: CANG) produced 546.7 Bitcoin in November while increasing its total holdings of the cryptocurrency to 6,959.3 according to a SEC filing on Friday.
The production figures released Friday show a decrease from the 602.6 Bitcoin mined in October.
The average number of Bitcoin produced per day fell to 18.22 in November compared to 19.44 the previous month. Cango maintained a deployed hashrate of 50 exahashes per second (EH/s) throughout the period. Bitcoin difficulty, which dictates how hard it is to mine Bitcoin on the network, decreased nearly 7% over the same period, per Hashrate Index.
The average operating hashrate for the month stood at 44.38 EH/s, a slight decline from the 46.09 EH/s recorded in October. Management attributed the operational performance to steady optimization efforts that achieved average operating hashrate levels of approximately 90%.
Total Bitcoin holdings for the company grew to 6,959.3 as of month-end, up from 6,412.6 at the end of October. Cango maintains a strategy of holding its Bitcoin for the long term and does not currently intend to sell any of its inventory.
November marked the one-year anniversary of the company’s dramatic entrance into Bitcoin mining.. The company purchased two tranches of operating mining equipment from Bitmain, totalling 50 EH/s.
The month also saw Cango complete its transition to the New York Stock Exchange following the termination of its American Depositary Receipt (ADR) program. The move allowed for direct share ownership.Longterm, the Bitcoin miner has its sites also set on AI, with CEO Paul Yu describing Bitcoin mining as an on-ramp to broader energy and compute ambitions. In a shareholder letter, Yu said the firm has energy projects underway in Indonesia and Oman.
