Cango Stock Plummets Over 20% on Q2 Loss and Mining Cost
Cango Inc., a former Chinese automotive services company turned Bitcoin miner, posted a net loss of $81.6 million in Q2 2026, causing its stock to plummet over 20%. The company's revenue was only $50.8 million for the quarter, with nearly all of it coming from Bitcoin mining.
The loss includes non-cash charges of $51.4 million, mostly from impairment losses and disposal losses tied to mining machines. Cango deliberately culled less-efficient miners from its fleet, reducing its total operational hashrate to 27.58 EH/s as of June 30.
Despite the losses, Cango managed to mine 656 Bitcoin during the quarter and held 1,056 Bitcoin in its treasury at period end. The company's average cash cost to mine a single Bitcoin was $73,313, a roughly 5% improvement from the prior quarter.
Cango is not content to stay a pure-play miner, as it is building out AI compute infrastructure through its EcoHash platform. The company has completed a site in Georgia and signed its first customer contract, with plans to expand further.