Cango's 129.9 BTC Weekly Mining Output and the Strategic Case for Corporate Bitcoin Mining

Bitcoin mining has emerged as a high-stakes, high-reward corporate strategy in 2025, with companies like Cango Inc. (CANG) leveraging industrial-scale operations to secure a foothold in the cryptocurrency ecosystem. As Bitcoin's price fluctuated amid bear-market signals-having fallen below $90,000 on November 18, 2025, marking a 4.5% drop in 24 hours-the profitability of mining operations hinges on balancing output, costs, and market volatility. Cango's recent 129.9 BTC weekly mining output, a figure that underscores its growing technical capacity, raises critical questions about the long-term viability of Bitcoin mining as a corporate diversification strategy.

The Revenue Side: Bitcoin's Price and Cango's Output

Cango's 129.9 BTC weekly output, reported in Q3 2025, translates to approximately $11.7 million in revenue at the current Bitcoin price of $90,000. This output aligns with the company's broader production trends: in October 2025, Cango mined 602.6 BTC, averaging 19.44 BTC per day. Annualizing this rate suggests a potential 6,773.4 BTC mined in 2025, a figure that reflects Cango's aggressive scaling of its 50 EH/s hashrate according to recent reports. However, Bitcoin's recent 13% drop since the start of 2025 highlights the volatility that can erode revenue gains, even for high-output operations.

Operational Costs: A Double-Edged Sword

Cango's operational expenses remain a key determinant of profitability. In Q2 2025, the company reported total operating costs of $320.3 million, driven by $116.8 million in cost of revenue (excluding depreciation), $21.8 million in depreciation and amortization, and a $256.9 million non-cash impairment loss from mining machines as disclosed in its Q2 2025 report. While these figures include one-time charges like the impairment loss, the underlying cost structure-particularly electricity and hardware maintenance-remains opaque. For context, Cango's adjusted EBITDA of $99.1 million in Q2 2025 suggests that its core mining operations are profitable, but only after accounting for non-cash expenses.

The company's strategic shift to a U.S.-centric model, including the termination of its ADR program and a direct NYSE listing, signals a focus on operational transparency. Yet, the 45% stock drop on its NYSE debut underscores market skepticism about its ability to sustain profitability amid rising costs and Bitcoin's bearish trend.

Profitability and Strategic Rationale

Cango's 129.9 BTC weekly output demonstrates its capacity to compete in a crowded mining sector. However, profitability depends on more than just output. The company's Q2 2025 net loss of $295.4 million, largely due to the impairment loss and asset divestitures, illustrates the risks of capital-intensive scaling. That said, Cango's $139.8 million in Q2 revenue and its 50 EH/s hashrate according to industry reports highlight a strategic pivot toward Bitcoin mining as a long-term play.

The case for corporate Bitcoin mining rests on three pillars:
1. Diversification: Bitcoin's uncorrelated performance with traditional assets offers a hedge against macroeconomic risks.
2. Scalability: Cango's ability to acquire 32 EH/s in November 2024 and 18 EH/s in June 2025 as reported in its financial disclosures demonstrates its capacity to scale efficiently.
3. Operational Efficiency: A deployed hashrate of 50 EH/s and rising average operating hashrate according to Q3 2025 data suggest Cango is optimizing its mining infrastructure.

The Long-Term Outlook

Bitcoin mining's value proposition for corporations hinges on its ability to generate cash flow in a bear market. Cango's adjusted EBITDA of $99.1 million in Q2 2025 despite Bitcoin's 13% weekly drop-indicates that its operations can remain profitable even during downturns. However, the company must navigate ongoing challenges:
- Energy Costs: Rising electricity prices could compress margins, particularly if Bitcoin's price remains volatile.
- Regulatory Risks: The U.S.-centric strategy may expose Cango to stricter regulatory scrutiny compared to its previous China-based operations.
- Technological Obsolescence: Rapid advancements in mining hardware could render current equipment unprofitable without continuous reinvestment.

Conclusion

Cango's 129.9 BTC weekly output is a testament to its technical prowess and commitment to Bitcoin mining. While the company's Q2 2025 financials reveal a mix of profitability and volatility, the strategic case for corporate Bitcoin mining remains compelling. For investors, the key question is whether Cango can sustain its operational efficiency and scale while navigating the inherent risks of a bear market. If it can, Bitcoin mining may yet prove to be a durable diversification strategy in an increasingly uncertain economic landscape.