Cango posts $81.6M Q2 loss, cuts miners, pivots to AI compute

The loss and hashrate cut signal a strategic retreat from pure mining economics, where cash costs near spot prices leave little margin. The pivot to AI compute is the key shift, as it repurposes existing infrastructure for a different demand pool, though the scale of this transition and its profitability remain unproven. The increased hedging suggests management is prioritizing balance-sheet stability over upside exposure. Whether the AI business can offset declining mining revenue and justify the asset writedowns is the central question for stakeholders watching the company's next quarterly disclosure.