Cango Shares Plummet 21% After Reporting $81.6 Million Loss

Crypto miner Cango reported a net loss of $81.6 million in its second quarter, as the company continues to scale back its mining operations.

The company's shares plummeted by over 21% on Tuesday after releasing the disappointing quarterly results.

Cango recorded total revenue of $50.8 million in Q2, down roughly 50% from the first quarter. This was largely due to efforts to 'right-size' its mining operations and phase out older S19 mining rigs.

The company has started hedging its Bitcoin exposure to mitigate price volatility and reduce its average cash cost per Bitcoin mined by approximately 5% to around $73,313.