Bitcoin
Cango Shares Drop 20% Following $81.6M Second-Quarter Loss
Bitcoin miner Cango saw its stock fall sharply after reporting an $81.6 million net loss for the second quarter, largely driven by charges on mining hardware.
Shares of Bitcoin miner Cango dropped more than 21% on September 1 after the company posted an $81.6 million net loss for the second quarter of the year. The quarterly loss exceeded Cango's total revenue of $50.8 million, of which $47.4 million came from Bitcoin mining operations.
Cango stated that the deficit was primarily driven by non-cash impairment and disposal losses on its mining equipment, rather than a shortfall in operational mining receipts alone. The company did not disclose further details regarding the specific size of these impairment and disposal charges in the unaudited report.
During the quarter, Cango produced 656 Bitcoin, bringing its total treasury to 1,056 BTC as of June 30. Its operational hashrate reached 27.58 EH/s, consisting of 19.84 EH/s in self-mining capacity and 7.74 EH/s in leased capacity, while its average cash cost per mined Bitcoin decreased by approximately 5% from the previous quarter to $73,313.
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