Cango Inc. (NYSE: Cang) (“Cango” or the “company”) announced the acquisition of a fully functional 50 mW mining system in the US state of Georgia for a total of $ 19.5 million in cash. This is a crucial step that marks the transition of the company to a diversified strategy that manages a robust portfolio of Bitcoin mining and energy infrastructures.
This transaction is the first step of Cango to constantly expand its portfolio of its own and self-operated mining systems. Due to the targeted acquisition of cost -effective power generation plants, Cango wants to improve operational efficiency, cost -discipline and long -term financial stability and at the same time create the basis for a more advanced energy strategy for the future.
The Miner from Cango had accommodated the facility as part of a hosting agreement with a third-party provider. After the takeover, Cango 30 MW will use for its own operation and 20 MW for hosting services for third-party customers. Fully equipped with the necessary mining infrastructure, accommodation for the staff and supportive institutions, the Cango system enables a seamless transition for Cango. With this acquisition, Cango begins building its own operational know-how, which is necessary for the management of its own mining locations, and thus strengthens the technical and business basis of the company. With the establishment of this infrastructure, Cango also lays the strategic foundation for a gradual conversion to the energy supply of high-performance computing (HPC) applications in order to expand the long-term potential of its locations beyond Bitcoin mining and at the same time use the internally developed operational and technical know-how.
Peng Yu, CEO of Cango, said: “This acquisition is a crucial milestone and marks the beginning of our vertical integration on the way to a more diversified and resistant portfolio of Bitcoin-Mining sites and energy infrastructure. By integrating long-term electricity delivery contracts into our portfolio and the development of new sources of use, we optimize our electricity costs Operating capacity and strengthening our financial sustainability.
Investor Relations Contact
Juliet YE, Head of Communications
Cango Inc.
E-mail: ir@cangoonline.com
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