Cango, a New York Stock Exchange-listed bitcoin miner, reported a $81.6 million net loss for the second quarter, driven by a 50% decline in revenue and a strategic shift to reduce mining scale. The firm cited efforts to phase out older equipment and transition to a hosted leasing model, with revenue from mining operations falling to $47.4 million in Q2.
The company’s hashrate stood at 27.58 EH/s as of June 30, with 656 bitcoin mined during the quarter. Cango holds 1,065 BTC, valued at $82.8 million, while its average cash cost per bitcoin mined fell 5% to $73,313. CEO Paul Yu emphasised a focus on “unit economics rather than scale” in operations.
Cango’s Georgia mining site is being converted to support GPU computing, with revenue expected in the third quarter. Shares fell 21% on Tuesday following the results, reflecting investor concerns over the firm’s profitability amid shifting strategies.
Written by Roger Slater
Technology Desk
