Cango shares fell more than 21% in morning trading on September 1 after the Bitcoin miner reported an $81.6 million net loss for the second quarter, The Block reported.
The results, released by Cango on August 31, showed the quarterly loss exceeded the company’s $50.8 million in revenue. Bitcoin mining accounted for $47.4 million of that total, according to the company.
Mining-machine charges drove Cango’s $81.6M net loss
Cango said its second-quarter loss was driven mainly by non-cash impairment and disposal losses on mining machines. That distinction means the reported deficit was not solely a measure of mining revenue: Bitcoin mining made up nearly all quarterly sales.
The company did not provide further detail in the supplied results on the value of the impairment and disposal charges. The stock-market move followed the release of those unaudited second-quarter figures.
Cango’s mining output, hashrate and Bitcoin holdings
Cango mined 656 Bitcoin during the quarter. Its total operating hashrate stood at 27.58 EH/s at June 30, comprising 19.84 EH/s of self-mining capacity and 7.74 EH/s of leased capacity.
The company held 1,056 BTC at quarter-end. It also said its average cash cost per Bitcoin declined by about 5% from the prior quarter to $73,313.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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