Cango Inc. has announced the purchase of a fully operational 50 MW mining facility in Georgia, USA, for $19.5 million, marking a new phase in the company's strategy.
Acquisition of Facility in Georgia
Cango Inc. has announced the acquisition of a 50 MW mining facility in Georgia, USA, for a total of $19.5 million. This represents the company's first step in expanding its portfolio of owned and operated mining facilities. The facility previously operated under a third-party hosting agreement.
Cango's Diversification Strategy
Cango plans to allocate 30 MW to its self-mining operations and 20 MW for hosting services for third-party clients. The acquired facility is fully equipped with the necessary mining infrastructure, allowing the company to develop in-house operational expertise and improve efficiency.
CEO's Comment
Cango's CEO, Mr. Peng Yu, stated: "This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure."
The acquisition of the facility in Georgia will strengthen Cango's position in the Bitcoin mining market and allow the company to explore new directions in energy solutions.
