Cango Falls 21% After $81.6 Million Q2 Loss
Cango reported a steep quarterly loss as revenue from bitcoin mining was cut in half. The company is shifting capital toward AI infrastructure and continuing to scale back its mining fleet.
Key Takeaways
- Cango fell more than 21% on Tuesday after the company reported a net loss of $81.6 million for the second quarter.
- Quarterly revenue came in at $50.8 million, nearly 50% lower than in the first quarter, while operating hashrate fell to 27.58 EH/s.
- Cango is shifting its focus from mining to efficiency and AI infrastructure, with a conversion of its Georgia site for GPU computing.
Shares of bitcoin miner Cango fell more than 21% on Tuesday after the company reported a net loss of $81.6 million (€70.4 million) for the second quarter. At the same time, Cango kept scaling back its mining operations while putting more emphasis on efficiency and a move toward AI infrastructure.
Lower Revenue and a Smaller Network
In the second quarter, Cango posted $50.8 million (€43.8 million) in revenue, nearly 50% less than in the first quarter. Of that, $47.4 million (€40.9 million) came from bitcoin mining. The company said this was mainly tied to reducing the mining fleet, including phasing out older S19 rigs and converting part of the capacity to a hosted leasing model.
Operating hashrate came in at 27.58 EH/s as of June 30. Of that, 19.94 EH/s was self-mining capacity and 7.74 EH/s was leased capacity. Cango mined 656 Bitcoin during the quarter and held 1,065 BTC at the end of June, worth about $82.8 million (€71.4 million).
Costs Fall, Focus Shifts
According to the company, the average cash cost per Bitcoin fell by about 5% from the first quarter to around $73,313 (€63,300). Cango has also started hedging its Bitcoin exposure to give itself more of a buffer against price swings.
CEO Paul Yu said the company is focusing in its legacy mining business on unit economics rather than scale. That fits the broader shift Cango has made this year. In early 2026, the company raised more than $75 million (€64.7 million) in equity investments to support its move into AI infrastructure, and in February and March it sold a combined 6,451 BTC to raise about $442 million (€381 million) and pay down Bitcoin-backed loans.
The trend fits a broader shift among miners: in an earlier market update, bitcoin miners with AI and HPC contracts were already described as being valued more highly than pure miners.
AI Site in Georgia
As part of that shift, the Georgia site is being converted for GPU computing. The site can support up to 3 MW, and the related revenue is expected in the third quarter. For European crypto followers, this matters because it shows how a publicly traded Bitcoin miner is trying to restructure its balance sheet, mining fleet, and new AI activities at the same time.
Cango shares (CANG) traded around $1.89 (€1.63) on Tuesday, about 21% lower on the day.
