Bitcoin Miner Cango Loses $81.6M in Q2, Sending Shares Down 20%
TL;DR
- Cango reported an $81.6 million Q2 net loss, largely linked to non-cash impairment and disposal charges from older mining equipment.
- Bitcoin mining revenue fell to $47.4 million, while the company produced 656 BTC and reduced its cash cost per coin to $73,313.
- Cango is also shifting toward AI infrastructure, with its Georgia site prepared to support up to 3 MW of GPU computing capacity.
Cango shares fell more than 20% after the company posted a sharp second-quarter loss, putting renewed attention on the economics of Bitcoin mining as operators adjust to changing costs and network conditions. The stock declined roughly 21% during Tuesday morning trading.
The NYSE-listed miner generated $50.8 million in total revenue, down roughly 50% from the first quarter. Bitcoin mining accounted for $47.4 million of that amount. The decline followed a deliberate reduction in operating capacity as Cango retired older S19 machines and shifted part of its business toward leased hashrate.
Bitcoin Miner Cango Shifts Toward Leaner Operations
Cango ended June with 27.58 EH/s of operating hashrate, consisting of 19.94 EH/s from self-mining and 7.74 EH/s from leased capacity. The company produced 656 BTC during the quarter and held 1,065 BTC in reserves at the end of June.
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