Crypto
Cango Posts Record Loss as Bitcoin Mining Revenue Plummets
Cango's Q2 earnings report revealed a significant decline in revenue, with the company posting an $81.6 million net loss for the quarter.
Total revenue was $50.8 million, down roughly 50% from Q1, with $47.4 million coming from bitcoin mining operations.
The company mined 656 BTC during the quarter and holds 1,065 BTC worth around $82.8 million at current prices.
Cango's CEO Paul Yu stated that the company is now focused on 'unit economics rather than scale' in its bitcoin mining business, reflecting a pivot away from simply growing hashrate.