NYSE-listed Bitcoin miner Cango (CANG) reported a second-quarter 2026 net loss of $81.6 million, while its bitcoin mining segment generated $47.4 million of the company’s $50.8 million total revenue. Quarterly revenue was down roughly 50% from the first quarter, as the company deliberately scaled back mining operations by phasing out older S19 mining rigs and shifting some capacity to a hosted leasing model.
Cango mined 656 BTC during Q2 and ended the period with about 1,060 BTC on its balance sheet, worth approximately $82.8 million. Its operating hash rate stood at 27.58 EH/s as of June 30, composed of 19.84 EH/s of self-mining and 7.74 EH/s of leased capacity. The leaner fleet helped reduce the average cash cost per bitcoin mined by about 5% quarter over quarter to $73,313.
The net loss was driven largely by impairment charges and disposal losses tied to declining mining rig values, reflecting volatility in the mining hardware market amid fluctuating bitcoin prices and rising network difficulty. Cango also reported $31.2 million in long-term debt and said it has started hedging its bitcoin exposure to buffer price volatility.
CEO Paul Yu said the company is focused on ‘unit economics rather than scale’ in its legacy bitcoin mining business. As part of a push into AI infrastructure, Cango is converting its Georgia mining site to support GPU computing, with up to 3 MW of capacity and related revenue expected in the third quarter. Shares of Cango fell more than 21% on Tuesday, trading around $1.89.
