- Cango shares were trading at $1,89 on Tuesday morning, down about 21% on the day.
- The decline came amid poor results for the second quarter of 2026.
New York-based mining company Cango reported disappointing results for the second quarter of 2026. Despite mining 656 BTC, the company posted a net loss of $81,6 million.
The main cause of the financial losses were write-offs and losses from equipment disposal. The market value of the company's mining rigs fell significantly amid Bitcoin volatility and increasing network difficulty. Cango also reduced its fleet, decommissioning outdated S19 rigs and converting some of its capacity to lease.
As of the end of June, the company's operational hashrate was 27,58 EH/s, with approximately 19,8 EH/s coming from its own mining operations and 7,74 EH/s from leased capacity. The average cost of mining one Bitcoin decreased by 5% compared to the first quarter, reaching $73,313. The company held approximately 1060 BTC, with a total value of approximately $82,8 million.
CEO Paul Yu noted that the company is focusing on unit economics rather than the scale of traditional mining. Therefore, Cango has begun developing AI infrastructure to stabilize its financial position in the future.
Source: Google Finance
News of the financial results sent the company's shares down more than 21% to $1,89, according to Google Finance.
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