Cango Suffers 50% Revenue Drop, $81.6M Net Loss in Q2 Bitcoin Mining Results

Cango Inc., a New York-listed company (NYSE: CANG), has released its Bitcoin mining results for the second quarter of 2026, showing a sharp revenue drop and net loss.

The total revenue fell roughly 50% from the previous quarter to $50.8 million, with $47.4 million coming directly from Bitcoin mining and the remaining $3.4 million from other sources.

The company posted a net loss of $81.6 million, mainly driven by non-cash impairment and disposal losses on mining machines, according to Chief Financial Officer Simon Tang.

Cango is actively shrinking its mining footprint while absorbing paper losses tied to writing down old equipment.