Bitcoin mining company Cango Inc. (NYSE: CANG) released its unaudited financial results on Aug. 31 for the second quarter ended June 30, 2026, reporting total revenue of $50.8 million. Of that amount, $47.4 million came from bitcoin mining. The company posted a net loss of $81.6 million, which it said was mainly driven by non-cash impairment on mining machines and disposal losses. CFO Simon Tang separately said the net loss was largely tied to non-cash items.
Cango said it held 1,056 BTC as digital asset reserves and carried $31.2 million in long-term debt. Its total operating hashrate reached 27.58 EH/s, including 19.84 EH/s from self-operated capacity and 7.74 EH/s from leased capacity. During the quarter, the company mined 656 BTC. Average cash cost per bitcoin fell about 5% from the prior quarter to $73,313. Cango also said it has started a hedging strategy.
CEO Paul Yu said the company is focused on mining unit economics. He added that Cango has completed upgrades at its Georgia site, which can support up to 3 megawatts, and that containerized units have been installed while GPU hardware is arriving in batches. The company plans to launch bare-metal GPU hosting and hosting services, with revenue expected in the third quarter.
Bitcoin mining company Cango Inc. (NYSE: CANG) on Aug. 31 released its unaudited financial results for the second quarter ended June 30, 2026. The company reported total revenue of $50.8 million, including $47.4 million from bitcoin mining, and posted a net loss of $81.6 million.
Cango said the net loss was mainly caused by non-cash impairment on mining machines and losses from disposals. CFO Simon Tang said the net loss was largely attributable to non-cash items.
Bitcoin holdings, debt and hashrate
At the end of the quarter, Cango held 1,056 BTC as digital asset reserves and had $31.2 million in long-term debt.
Total operating hashrate reached 27.58 EH/s, with 19.84 EH/s self-operated and 7.74 EH/s leased. The company mined 656 BTC during the quarter. Average cash cost per bitcoin fell about 5% quarter over quarter to $73,313. Cango said it has also started a hedging strategy.
Management comments and business plan
CEO Paul Yu said the company is focused on mining unit economics and has completed upgrades at its Georgia site, which can support up to 3 megawatts. He added that containerized units have been installed and GPU hardware is arriving in batches.
Yu also said Cango plans to offer bare-metal GPU hosting and hosting services, which are expected to begin generating revenue in the third quarter.
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