Bitcoin mining company Cango reported a net loss of $81.6 million in the second quarter, leading to a 20% drop in its stock price. The firm scaled back its mining rig fleet and shifted focus to operational efficiency amid declining revenue.
Bitcoin miner Cango posted an $81.6 million net loss in the second quarter, its latest earnings release said. Revenue fell. So the company cut back its mining rig fleet during the quarter and turned its attention to better operational efficiency. After the report came out, Cango shares sank 20%.
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