Cango reported a net loss of $81.6 million in Q2, when revenue fell by half from the previous quarter to $50.8 million, including Bitcoin mining activities contributing $47.4 million.

The company gradually phased out older S19 mining machines and shifted part of its capacity to storage models for hosting and leasing. Operating hashrate fell to 27.58 EH/s, including 19.94 EH/s mined in-house and 7.74 EH/s leased.

In the quarter, Cango mined 656 BTC and held 1,065 BTC, with a value of about $82.8 million. After streamlining the mining machine team, its cash cost per BTC decreased by about 5% from the previous quarter, to $73,300.

Cango also began hedging risks related to BTC and converting its mining base in Georgia, USA into AI infrastructure using GPUs. Revenue from this segment is expected to start contributing in Q3.

Source: https://tintucbitcoin.com/cango-lo-816-trieu-usd-quy-ii-chuyen-huong-sang-dien-toan-ai/

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