TREE NEWS update: Bitcoin miner Cango reported a net loss of $81.6 million for Q2, with total revenue of $50.8 million, halving from Q1. Mining contributed $47.4 million. The company is retiring old S19 miners, shifting some capacity to hosting, and cutting hashrate to 27.58 EH/s. It produced 656 BTC and holds 1,065 BTC. Cash cost per BTC fell 5% to $73,300. Cango is hedging BTC exposure and converting its Georgia mine into GPU-based AI infrastructure, expecting revenue from Q3.
Cango posts $81.6M Q2 loss, cuts miners, pivots to AI compute
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