Cango Shares Plummet After $81M Quarterly Loss

Cango's share price plummeted by over 21% after it reported an unaudited net loss of $81.6 million in Q2, exceeding its revenue of $50.8 million.

The company attributed the significant loss to non-cash impairment and disposal losses on Bitcoin mining machines, with Bitcoin mining generating $47.4 million of the revenue.

Cango mined 656 Bitcoins during the quarter and held 1,056 BTC at the end of Q2, with an average cash cost per Bitcoin decreasing by about 5% to $73,313.