Bitcoin Miner Cango Sees Shares Plunge 21% After Reporting Steep Quarterly Loss

Shares of bitcoin mining firm Cango fell sharply on Tuesday following the release of its second quarter financial results, which showed a net loss of $81.6 million. Revenue for the quarter came in significantly lower than the previous period, with the majority generated through mining operations. The company attributed the decline to a deliberate effort to streamline its fleet by retiring older mining equipment and shifting part of its capacity toward a leased hosting model.

Smaller Fleet, Lower Costs

The miner’s operational hashrate now stands lower than before, split between self-owned and leased computing power. During the quarter, the company mined several hundred bitcoin and currently holds over a thousand coins in reserve. Executives noted that the leaner setup helped bring down average mining costs per coin, and the firm has begun using hedging strategies to manage exposure to price swings.

Pivot Toward AI Infrastructure Continues

Leadership emphasized a shift in strategy toward efficiency rather than expansion in its mining business. As part of broader diversification plans, the company is converting one of its mining sites to support GPU-based computing for artificial intelligence workloads, with related revenue expected in the coming months.