THE BLOCK: Cango shares $CANG sink over 20% after Q2 net loss of $81.6 million and mining pullback

Cango's sharp equity selloff after an $81.6m Q2 net loss, a ~50% QoQ revenue decline, and a reduced operating hashrate signals worsening profitability and scaling pressure in the bitcoin mining sector. While idiosyncratic to Cango, the results reinforce concerns around miner balance sheets and operational leverage, which can feed into broader crypto risk sentiment via perceived miner stress and potential changes in treasury behavior.