Cango Inc. Acquires Bitcoin Mining Facility in Georgia for $19.5 Million

According to PANews, Cango Inc. (NYSE: CANG) has announced the acquisition of 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 mining facilities, with plans to allocate 30 megawatts for its own Bitcoin mining operations and 20 megawatts for third-party hosting services. The company aims to use this acquisition as a foundation to gradually expand its high-performance computing (HPC) energy supply business, enhancing operational efficiency and financial resilience. Cango currently has cryptocurrency asset operations in North America, the Middle East, South America, and East Africa.