According to Woofun AI, Cango (CANG.US), a Bitcoin mining company listed on the New York Stock Exchange, released financial results for the second quarter of 2026. Core data showed that it mined 656 BTC during the quarter. Despite the impressive revenue scale, huge losses revealed deep pressure on the industry.
Cango (CANG.US) recorded a total revenue of $50.8 million for the quarter, of which $47.4 million came directly from mining operations, highlighting the dependence of its business model on the Bitcoin network. However, the company ended up in a net loss of $81.6 million.
The underlying reason is impairment losses and disposal losses caused by the decline in the value of mining equipment. Such non-cash expenses reflect the high volatility of the hardware market. At the same time, the instability of the Bitcoin price compounded the increase in network difficulty, further reducing profit margins, resulting in book losses far exceeding the scale of revenue.
According to data compiled by Woofun AI, as of June 30, Cango (CANG.US) operating computing power climbed to 27.58 EH/s, structurally composed of 19.84 EH/s own computing power and 7.74 EH/s leased computing power. There was a positive signal on the cost side. The average cash mining cost per BTC fell 5% month-on-month to $73,313, indicating an optimization of operational efficiency. On the balance sheet side, the company holds 1,056 BTC reserves and is also burdened with $31.2 million in long-term debt. The asset and liability structures coexist.
Mining companies listed in 2026 generally faced the double impact of hardware depreciation and Bitcoin price fluctuations. Although Cango (CANG.US) has shown resilience through cost reduction, the risk of asset impairment still exists. Under market uncertainty, investors need to be wary of financial risks. Future operational efficiency and balance sheet management will be the core indicators for measuring their viability.