Cango Reports $81.6M Quarterly Loss Despite Mining 656 Bitcoins

Cango Inc., a leading Bitcoin miner, reported an $81.6 million quarterly loss in its second quarter of 2026, despite mining 656 Bitcoins and holding 1,056 BTC as digital asset reserves. The company's total revenue reached $50.8 million, primarily driven by $47.4 million from its Bitcoin mining business.

The net loss was mainly due to non-cash impairment and disposal losses on the mining machines, according to Mr. Simon Tang, Chief Financial Officer of Cango. The company also launched a Bitcoin hedging program to manage exposure to price volatility and enhance operating cash flows predictability.

Cango's CEO, Mr. Paul Yu, stated that the company continues to focus on unit economics rather than scale in its Bitcoin mining business. He added that the Georgia site completed conversion in early July and is now capable of supporting up to 3 megawatts, with scope for future expansion.