Cango Inc. Acquires Bitcoin Mining Facility for $19.5 Million

Cango Inc. (NYSE: CANG) has purchased a 50-megawatt operational bitcoin mining facility in Georgia, USA, for $19.5 million in cash. This acquisition marks Cango’s entry into owning its own mining facilities, with plans to allocate 30 megawatts for its own Bitcoin mining operations and 20 megawatts for third-party hosting services. The company intends to utilize this purchase as a stepping stone towards expanding its high-performance computing (HPC) energy supply business, seeking increased operational efficiency and financial stability.