Cango Inc. announced the acquisition of a 50 MW mining facility in Georgia. The $19.5 million deal marks an important step in the company's strategy.
Details of the Acquisition
Cango Inc. has acquired a fully operational 50 MW mining facility in Georgia for $19.5 million. The site previously hosted Cango's miners under a third-party hosting agreement. Following the acquisition, the company will allocate 30 MW for its self-mining operations and 20 MW for hosting services for third-party clients.
Company Goals and Strategy
The acquisition represents Cango's first step to expand its portfolio of mining assets. The company aims to enhance operational efficiency and financial resilience by selecting low-cost energy operations. In the future, Cango plans to develop strategies to supply energy for high-performance computing applications.
CEO Commentary
Cango’s CEO, Mr. Peng Yu, remarked, "This acquisition is a critical milestone and marks the beginning of our vertical integration. With this, we are optimizing power costs and expanding operational capacity."
The acquisition of the mining facility strengthens Cango's market position and opens new opportunities for the company's energy strategy, contributing to its long-term development.
