Cango Sees 50% Revenue Drop as Bitcoin Mining Costs Bite

Cango, an American company, released its financial results for Q2 2026. According to the report, the total revenue decreased by approximately 50% quarter-on-quarter to $50.8 million. Bitcoin mining business revenue accounted for $47.4 million of this amount.

The operating loss and net loss from continuing operations were both significant, at $80.6 million and $81.6 million respectively. These losses are primarily attributed to non-cash impairment losses on mining machines and disposal losses.

Cango's total operating costs and expenses reached $131.4 million in the second quarter, mainly due to Bitcoin mining operations and the recognition of impairment losses on mining machines.

The company held 1,056 Bitcoins as digital asset reserves at the end of Q2, with long-term debt standing at $31.2 million. The average cash cost per Bitcoin decreased by approximately 5% quarter-over-quarter to $73,313.

Cango's CEO, Paul Yu, stated that the company has focused on unit economics rather than scale expansion in its Bitcoin mining business. He also mentioned the renovation of their Georgia mining facility, which now supports up to 3 megawatts of power capacity and allows for future expansion.