Bitcoin mining company Cango reported a net loss of $81.6 million in the second quarter, while total revenue fell to $50.8 million from the previous quarter. Of that total, $47.4 million came from Bitcoin mining.
The company phased out older S19 miners and shifted part of its capacity to a hosting and leasing model. Operating hashrate fell to 27.58 EH/s, including 19.94 EH/s from self-mining and 7.74 EH/s from leasing. Cango mined 656 BTC in the quarter and ended with 1,065 BTC in reserves, worth about $82.8 million. Cash cost per BTC fell about 5% quarter-over-quarter to $73,300.
Cango also began hedging its BTC exposure and is converting its Georgia mining facility into GPU-enabled AI infrastructure, with related revenue expected to start contributing in the third quarter.
Cango Posts $81.6 Million Q2 Loss, Cuts Miners and Shifts Toward AI Computing
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