Cango Stock Plummets 20% After Reporting $81.6M Quarterly Loss

Crypto miner Cango reported an $81.6 million net loss for the second quarter, causing its stock to plummet by over 20% in morning trading on September 1.

The company's mining output, hashrate, and Bitcoin holdings were also down during this period, with Cango mining only 656 BTC. Its total operating hashrate stood at 27.58 EH/s at June 30, comprising 19.84 EH/s of self-mining capacity and 7.74 EH/s of leased capacity.

The loss was driven mainly by non-cash impairment and disposal losses on mining machines, which made up nearly all quarterly sales of $47.4 million.