Cango Inc., the former Chinese automotive services company that pivoted to Bitcoin mining, reported a net loss of $81.6 million for Q2 2026, causing its stock to tumble more than 20%. The company generated $50.8 million in revenue, roughly half of Q1’s figure, with $47.4 million coming exclusively from Bitcoin mining. Of the net loss, $51.4 million came from non-cash charges, including $42.9 million in impairment losses and $8.5 million in disposal losses tied to mining equipment the company decided was no longer worth running. Cango reduced its operational hashrate to 27.58 EH/s while improving its cash cost per Bitcoin mined to $73,313, a roughly 5% improvement from the prior quarter. The company held 1,056 Bitcoin in its treasury at quarter-end and is now expanding into AI compute infrastructure through its EcoHash platform, with one site operational in Georgia and one customer contract signed.
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