HONG KONG, August 11, 2025 /PRNewswire/ — Cango Inc. (NYSE: CANG) (“Cango”) has announced a significant strategic move, acquiring a fully functional 50-megawatt (MW) cryptocurrency mining operation located in Georgia, USA. The total investment for this acquisition amounted to US$19.5 million in cash. This purchase signals Cango’s entry into a more diversified business model, focused on building a strong portfolio that incorporates both Bitcoin mining and essential energy infrastructure.
This transaction marks Cango’s initial foray into owning and running its own mining facilities, part of a larger strategy. Cango’s plan is to carefully invest in energy operations providing competitively priced power. This approach seeks to improve how efficiently they run things, better manage expenses, and ensure the company stays financially strong for a long time. This also helps them prepare for a more advanced energy-focused future.
This specific facility has previously provided hosting services for Cango’s mining equipment under a pre-existing third-party agreement. Now under Cango’s direct ownership, the company intends to dedicate 30 MW of power to its internal mining activities, while allocating the remaining 20 MW for hosting services offered to external clients. The facility is well-equipped, boasting all the necessary mining hardware, on-site living quarters, and comprehensive support systems, ensuring a smooth handover to Cango’s management. This acquisition also means Cango will now be building its own teams with expertise in managing these mining sites themselves, making their technical and management skills much stronger. Looking ahead, Cango is also strategically positioning itself to eventually supply energy for high-performance computing (HPC) applications. This move broadens the site’s potential beyond just Bitcoin mining and utilizes the operational and technical knowledge developed internally.
Peng Yu, CEO of Cango, stated, “This acquisition is a key achievement for us, signifying the start of our vertical integration journey as we create a more diverse and sustainable array of Bitcoin mining locations and power assets. By incorporating long-term power supply contracts into our holdings and creating fresh income opportunities, we are working to lower our energy costs, increase our operational effectiveness, and strengthen our overall financial position. This decision supports our long-term goal of becoming a leader in mining and energy solutions.”
Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
Email: ir@cangoonline.com
Source: This information originated from Chainwire. This announcement is provided for informational purposes only and should not be considered financial advice or a solicitation to invest.