Cango Suffers $81.6M Net Loss as Crypto Mining Revenue Plummets

Crypto mining company Cango has reported a significant net loss of $81.6 million in Q2, largely due to non-cash impairment and disposal charges from older mining equipment.

The company's Bitcoin mining revenue fell to $47.4 million, while it produced 656 BTC and reduced its cash cost per coin to $73,313.

Cango is shifting towards AI infrastructure, with its Georgia site prepared to support up to 3 MW of GPU computing capacity, providing another revenue path for the company.

The stock declined over 20% after the company posted a sharp second-quarter loss, putting renewed attention on the economics of Bitcoin mining as operators adjust to changing costs and network conditions.