Cango Reports Q2 Net Loss of $81.6 Million, Shifts Mining Capacity to AI Computing

Cango reported a net loss of $81.6 million for the second quarter, with total revenue of $50.8 million, a 50% decrease from the first quarter, of which $47.4 million came from Bitcoin mining. The company plans to phase out old S19 mining machines, with some capacity transitioning to a hosting and leasing model, reducing operational hash rate to 27.58 EH/s (self-mining 19.94 EH/s, leasing 7.74 EH/s). The quarterly output was 656 BTC, with reserves of 1,065 BTC, valued at approximately $82.8 million. After streamlining the mining operations, the cash cost per BTC decreased by about 5% quarter-over-quarter to $73,300. The company has begun hedging its BTC exposure and is transforming its mining facility in Georgia, USA, into GPU-supported AI infrastructure, which is expected to start contributing related revenue in the third quarter.

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