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BTC Cango posted a net loss of US$81.6 million in the second quarter, and its share price fell more than 21% in early trading.
According to The Block, Cango's share price fell more than 21% in morning trading on September 1. Earlier, the Bitcoin mining company reported a net loss of $81.6 million in the second quarter.
Cango's financial report released on August 31 showed that the quarter's loss exceeded the company's revenue of US$50.8 million. Among them, Bitcoin mining business contributed US$47.4 million in revenue.
Mining equipment impairment and disposal costs resulted in huge losses
Cango said that its second-quarter loss was mainly driven by non-cash mining equipment impairment and disposal losses. This financial structure suggests that the reported deficit does not simply reflect mining revenue: in fact, Bitcoin mining constituted almost all of the company's sales revenue for the quarter.
The company did not further disclose the specific amounts of impairment and disposal expenses in the financial report provided. The stock price volatility follows the release of these unaudited second-quarter financial data.
Cango's mining output, computing power and bitcoin positions
During the quarter, Cango dug up a total of 656 bitcoins. As of June 30, its total operating computing power reached 27.58 EH/s, including 19.84 EH/s own computing power and 7.74 EH/s rental computing power.
As of the end of the quarter, the company held 1,056 bitcoins. In addition, Cango also revealed that the average cost of cash per bitcoin fell by about 5% from the previous quarter to US$73,313.
