Cango invested 19.5 million dollars to acquire a 50MW mining site in Georgia, with 30MW allocated for self-mining

ChainCatcher news, according to PRNewswire, NYSE-listed company Cango Inc. (Ticker: CANG) announced the acquisition of a 50 MW Bitcoin mining facility in Georgia, USA for $19.5 million in cash, officially launching its mining vertical integration strategy. The facility has hosted Cango mining machines, and after the acquisition, 30 MW of power will be allocated for self-mining, with the remaining capacity providing third-party hosting services.

CEO Peng Yu stated that this acquisition is a key step for the company towards a diversification strategy of "mining + energy," with plans to expand into the high-performance computing (HPC) sector in the future. It is reported that Cango has been laying out its cryptocurrency mining since November 2024, and this transaction marks its first acquisition of mining assets.