The acquisition of the mining facility marks the company’s first step towards a diversified Bitcoin mining and energy infrastructure portfolio.
Bitcoin mining firm Cango Inc. has acquired a fully operational 50 MW mining facility in Georgia, USA, for US$19.5 million, marking a significant milestone in the company’s move towards a diversified strategy encompassing both Bitcoin mining and energy infrastructure.
The purchase marks Cango’s first direct expansion into owning and operating mining facilities. By acquiring low-cost power operations, the company aims to improve operational efficiency, maintain cost discipline, and bolster long-term financial resilience, while laying the foundation for an advanced energy strategy.
Previously hosting Cango’s miners under a third-party agreement, the facility will now allocate 30 MW to the company’s self-mining operations and 20 MW to third-party hosting services. Fully equipped with mining, accommodation, and support infrastructure, the site enables a smooth transition to self-operation, strengthening Cango’s technical and managerial capabilities.
Alongside Bitcoin mining, the company is positioning itself to supply energy for high-performance computing applications, broadening the long-term potential of its sites.
“This acquisition is a critical milestone and marks the beginning of our vertical integration as we transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure,” said Peng Yu, CEO of Cango.
“By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimising power costs, expanding operational capacity, and reinforcing our financial sustainability.”
Stay updated on the crypto space by following our socials
