TL;DR
- Cango reported an $81.6 million Q2 net loss, largely linked to non-cash impairment and disposal charges from older mining equipment.
- Bitcoin mining revenue fell to $47.4 million, while the company produced 656 BTC and reduced its cash cost per coin to $73,313.
- Cango is also shifting toward AI infrastructure, with its Georgia site prepared to support up to 3 MW of GPU computing capacity.
Cango shares fell more than 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. The stock declined roughly 21% during Tuesday morning trading.
The NYSE-listed miner generated $50.8 million in total revenue, down roughly 50% from the first quarter. Bitcoin mining accounted for $47.4 million of that amount. The decline followed a deliberate reduction in operating capacity as Cango retired older S19 machines and shifted part of its business toward leased hashrate.
Bitcoin Miner Cango Shifts Toward Leaner Operations
Cango ended June with 27.58 EH/s of operating hashrate, consisting of 19.94 EH/s from self-mining and 7.74 EH/s from leased capacity. The company produced 656 BTC during the quarter and held 1,065 BTC in reserves at the end of June.
Rather than chasing maximum hashrate, management is prioritizing unit economics. The company’s average cash cost per Bitcoin fell about 5% sequentially to $73,313, while its leasing model allows partners to assume direct operating costs associated with that capacity. Cango also introduced a Bitcoin hedging program designed to reduce exposure to price volatility without turning the strategy into speculative trading.
For Bitcoin miners, this approach reflects a broader shift toward efficiency after the industry absorbed tighter margins and higher competition for block rewards. A smaller, more efficient fleet can reduce exposure to inefficient hardware, energy costs and maintenance, allowing operators to focus on Bitcoin production that remains economically viable.
AI Infrastructure Adds Another Revenue Path
Cango is simultaneously developing AI computing infrastructure through its EcoHash business. Its Georgia mining site completed conversion in early July and can support up to 3 MW of AI-ready capacity. GPU equipment is being deployed in stages, with the company onboarding customers and expecting AI-related revenue to begin appearing in Q3.
The strategy gives Cango another way to monetize energy and high-density computing infrastructure while keeping Bitcoin mining at the center of its operations. The company has also reduced long-term debt to $31.2 million and held $10.1 million in cash at quarter-end.
