Cango reported an $81.6 million second-quarter net loss as total revenue fell to $50.8 million from the previous quarter, including $47.4 million from Bitcoin mining. The company phased out older S19 miners and shifted some capacity to hosting and leasing, reducing operating hashrate to 27.58 EH/s. Cango mined 656 BTC and ended the quarter with 1,065 BTC worth about $82.8 million, while cash cost per bitcoin declined about 5% quarter over quarter to $73,300. It also began hedging its Bitcoin exposure and is converting its Georgia mining facility into GPU-enabled AI infrastructure, with related revenue expected to begin contributing in the third quarter. Cango shares previously fell 10% to $2.15 in premarket trading after the company reported a $1.99 per-share loss against a 90-cent analyst consensus and revenue of $50.781 million versus a $101.970 million estimate.