Cango Inc., a company listed on the New York Stock Exchange, announced the acquisition of an operational Bitcoin mining facility in Georgia. This deal marks an important step in the company's strategy to diversify its activities in the mining and energy infrastructure space.
Acquisition of 50 MW Mining Facility
Cango Inc. announced the acquisition of a fully operational 50 MW mining facility in Georgia for $19.5 million. This is the company's first step toward increasing its portfolio of mining facilities.
Future Plans and Strategy
Cango plans to allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. The company is also developing a strategy for supplying energy for high-performance computing.
Significance for the Company
Cango’s CEO, Peng Yu, stated that this acquisition is a critical milestone for the company as it leads to vertical integration and allows for optimizing energy costs while expanding operational capacity.
The acquisition of the mining facility in Georgia carries significant potential for Cango Inc., allowing the company to develop its operations in Bitcoin mining and energy solutions.
