Cango Q2 Reports Massive $81.6 Million Loss, Plans to Reduce Mining Machines and Shift Focus to AI Computing Power

According to The Block, Bitcoin mining company Cango reported a net loss of $81.6 million for the second quarter, with total revenue for the period at $50.8 million, halved compared to Q1. Of this, $47.4 million came from Bitcoin mining. To "streamline" its operations, Cango is phasing out outdated S19 mining machines and transitioning part of its capacity to a hosting and leasing model. Operational computing power has dropped to 27.58 EH/s (self-mining at 19.94 EH/s, leasing at 7.74 EH/s). The company produced 656 BTC during the quarter and holds reserves of 1,065 BTC, valued at approximately $82.8 million. After downsizing its mining machines, the cash cost per BTC decreased by about 5% quarter-over-quarter to $73,300. Additionally, the company has begun hedging its BTC exposure and is converting its Georgia, USA mining facility into AI infrastructure supporting GPUs, with related revenue expected to start contributing in Q3.