Cango acquires a 50MW mining facility in Georgia for $19.5 million, with 30MW allocated for proprietary mining

According to ChainCatcher, NYSE-listed company Cango Inc. (ticker: CANG) has announced the acquisition of a 50-megawatt Bitcoin mining facility in Georgia, USA, for $19.5 million in cash, officially launching its vertical integration strategy in the mining sector. The facility is already hosting Cango’s mining machines; following the acquisition, 30 megawatts of power will be allocated for proprietary mining, with the remaining capacity offered for third-party hosting services.

CEO Peng Yu stated that this acquisition marks a key step in the company’s diversified transformation toward a “mining + energy” model, with future plans to expand into the high-performance computing (HPC) sector. It is reported that Cango began its foray into crypto mining in November 2024, and this transaction represents its first mining facility acquisition.