Cango's Revenue Tumbles 50% as Miner Shifts Toward Leased Capacity, AI Contracts

Bitcoin miner Cango Inc. (NYSE: CANG) reported second-quarter revenue of $50.8 million, down about 50% from the prior quarter due to a deliberate reduction in operating hashrate.

The company reduced its operating hashrate to 27.58 EH/s and retired older mining machines, resulting in impairment losses of $42.9 million and disposal losses of $8.5 million.

Cango attributed the decline to its shift toward unit economics over scale and its move towards leasing capacity and AI contracts to offset thinner mining margins.