Cango Q2 Results Show Mining Revenue Offset by Non-Cash Losses and GPU Plans
Cango Inc. reports Q2 revenue of $50.8 million and net loss of $81.6 million, with 656 BTC mined, 1,056 BTC held, and plans for GPU hosting services.
Cango Inc. reported unaudited revenue of $50.8 million and a net loss of $81.6 million for the quarter ended June 30, 2026.
Bitcoin mining revenue accounted for $47.4 million of the total. The company mined 656 BTC during the period and holds 1,056 BTC in reserves.
Operations and Forward Plans
Total operating hashrate stood at 27.58 EH/s, split between 19.84 EH/s self-operated and 7.74 EH/s leased. Average cash cost per BTC fell 5 percent quarter over quarter to $73,313. The company has begun hedging strategies.
CEO Paul Yu stated that upgrades at the Georgia site are complete and support up to 3 MW, with GPU hardware received and bare-metal GPU hosting and colocation services planned to generate revenue in the third quarter.
CFO Simon Tang attributed the net loss primarily to non-cash impairment and disposal losses on mining machines.
Remaining Unknowns
The exact size and timing of the impairment charges remain undisclosed. Revenue contribution and timeline for the new GPU services are not quantified.