Cango's Q2 Earnings Reveal Mining Industry Struggles
Cango Inc., a New York-listed company (NYSE: CANG), has reported its second-quarter 2026 earnings, revealing a significant decline in revenue and a substantial net loss. The company's total revenue for the quarter was $50.8 million, with $47.4 million coming directly from Bitcoin mining. This represents a 50% drop in revenue compared to the previous quarter.
The net loss of $81.6 million was primarily driven by non-cash impairment and disposal losses on mining machines. The company's operating hashrate stood at 27.58 EH/s as of June 30, 2026, made up of 19.84 EH/s self-mining capacity and 7.74 EH/s leased capacity.
Cango is attempting to right-size its mining operations by disposing of machines with lower marginal efficiency. The company has also launched a formal Bitcoin hedging strategy, designed to manage exposure to price volatility and enhance the predictability of operating cash flows.