Cango Bitcoin mining results reveal 50% revenue drop, $81.6M net loss

Cango Inc.’s latest earnings snapshot tells a story familiar to much of the Bitcoin mining industry right now: shrinking revenue, a heavier bottom-line hit, and a scramble to diversify beyond pure hashrate. The Cango Bitcoin mining results for the second quarter of 2026, released by the New York-listed company (NYSE: CANG), show total revenue of US$50.8 million and a net loss of US$81.6 million, even as management leaned harder into cost discipline, a new hedging program, and an expanding artificial intelligence compute business.

Key takeaways

• Cango generated Q2 2026 total revenue of US$50.8 million, with US$47.4 million coming from Bitcoin mining.
• The company posted a net loss of US$81.6 million, driven mainly by non-cash impairment and disposal losses on mining machines.
• Operating hashrate stood at 27.58 EH/s as of June 30, 2026, split between 19.84 EH/s self-mining and 7.74 EH/s leased capacity.
• Cango mined 656 Bitcoins during the quarter and held 1,056 Bitcoins in digital asset reserves at period end.
• The company launched a Bitcoin hedging program and is onboarding clients at its Georgia AI compute site, with revenue expected in Q3 2026.

Cango’s Q2 2026 Results Show Revenue Slide and Wider Losses