Cango Stock Drops 20% After Bitcoin Miner Reports $81.6M Quarterly Loss

Cango shares fell more than 21% in morning trading on September 1 after the Bitcoin miner reported an $81.6 million net loss for the second quarter, The Block reported.

The results, released by Cango on August 31, showed the quarterly loss exceeded the company’s $50.8 million in revenue. Bitcoin mining accounted for $47.4 million of that total, according to the company.

Mining-machine charges drove Cango’s $81.6M net loss

Cango said its second-quarter loss was driven mainly by non-cash impairment and disposal losses on mining machines. That distinction means the reported deficit was not solely a measure of mining revenue: Bitcoin mining made up nearly all quarterly sales.

The company did not provide further detail in the supplied results on the value of the impairment and disposal charges. The stock-market move followed the release of those unaudited second-quarter figures.

Cango’s mining output, hashrate and Bitcoin holdings

Cango mined 656 Bitcoin during the quarter. Its total operating hashrate stood at 27.58 EH/s at June 30, comprising 19.84 EH/s of self-mining capacity and 7.74 EH/s of leased capacity.

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