The picture shows other Bitcoin mines previously owned by Cango

Cango Inc. (NYSE: CANG) today announced the acquisition of a fully operational 50 MW Bitcoin mining facility in Georgia, USA, for $19.5 million in cash. This key move marks the company's strategic shift towards diversification into a comprehensive business portfolio encompassing Bitcoin mining and energy infrastructure.

This transaction marks the beginning of Cango's steady expansion of its portfolio of owned and operated mining assets. By selectively acquiring low-cost power assets, Cango aims to improve operational efficiency, strengthen cost management, and enhance long-term financial resilience—all while laying the foundation for a more advanced energy strategy in the future.

The mining farm had previously provided hosting services for Cango's mining equipment through a third-party hosting agreement. Following the acquisition, Cango will allocate 30 MW of the facility for its own mining operations and 20 MW for hosting services for third-party clients. The facility is equipped with comprehensive mining infrastructure and supporting facilities, ensuring a smooth takeover.

With this acquisition, Cango will begin developing the internal operational capabilities necessary to manage its own mining farms, thereby strengthening the company's technological and management foundation. As this infrastructure gradually matures, Cango will begin to accumulate the practical experience required to operate its own mining farms, further strengthening its technological and management capabilities. As this infrastructure continues to develop, the company will also strategically expand into the high-performance computing (HPC) energy supply business, expanding the long-term potential of its mining farms beyond Bitcoin mining and fully leveraging its own operational and technological capabilities.

Peng Yu, CEO of Cango, said: "This acquisition is a key milestone in our company's development and marks the beginning of our vertical integration journey towards a more diversified and resilient portfolio of Bitcoin mining facilities and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and strengthening our financial sustainability. This acquisition is highly aligned with our long-term vision to become an industry-leading provider of mining and energy solutions."