CANG.US's total Q2 revenue fell by about 50% month-on-month, and the number of bitcoins mined was 656

The Zhitong Finance App learned that CANG.US (CANG.US) announced financial results for the second quarter of 2026. According to financial reports, the company's total revenue for Q2 was $50.8 million, down about 50% from the previous month, of which the Bitcoin mining business revenue was 47.4 million US dollars. The current operating loss was US$80.6 million, and the net loss from continuing operations was US$81.6 million, mainly due to non-cash impairment losses and disposal losses of mining machinery. The adjusted EBITDA loss was $10.7 million.

In the second quarter, the company's total operating costs and expenses were US$131.4 million, mainly related to Bitcoin mining operations and confirmation of impairment losses on mining machines, and included losses caused by changes in the fair value of crypto assets. Among them, mining machine impairment losses were 42.9 million US dollars, mining equipment disposal losses were 8.5 million US dollars, and fair value change losses of crypto assets were 4.1 million US dollars, compared to 151.8 million US dollars in the first quarter of 2026.

By the end of the quarter, the company held 1,056 bitcoins as digital asset reserves and long-term debt of $31.2 million. As of June 30, 2026, the company's total computing power reached 27.58 EH/s, of which 19.84 EH/s for self-operation and 7.74 EH/s for leasing. The company mined a total of 656 bitcoins this quarter. Bitcoin's average cash cost fell about 5% month-on-month to $73,313.

Paul Yu, CEO of Canggu, stated in the financial report: “In the Bitcoin mining business, we always insist on focusing on unit economic benefits rather than blindly pursuing scale expansion. At the same time, we continue to promote AI modular construction at the LN mine. The Georgia mine was renovated in early July, and the infrastructure can now support up to 3 megawatts of power capacity and has room for future expansion.”

“The container unit has been delivered and installed on-site, and GPU hardware has been procured and delivered in batches to support phased deployment and commissioning. In the future, we plan to implement two business models: one is a bare-metal GPU hosting service, which uses our own infrastructure to provide a standardized deployment environment; the second is a hosting service, which aims to improve overall infrastructure utilization. Currently, the Georgia mine is actively promoting customer entry, and related revenue is expected to be confirmed in the third quarter. Additionally, to meet the low latency deployment needs of some customers, we have started test node operations in Texas and on the west coast of the US as part of the phased commissioning,” Yu added.