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Cango Inc. Acquires 50 MW Bitcoin Mining Facility in Georgia, Laying Groundwork for Future Energy Strategy

1. Cango acquires a 50 MW mining facility in Georgia for $19.5 million. 2. The acquisition marks Cango's first step towards owning mining facilities. 3. Cango aims to boost efficiency and operational capacity through strategic acquisitions. 4. CEO highlights potential for energy supply to high-performance computing applications. 5. The deal enhances Cango's focus on energy infrastructure and financial resilience.

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FAQ

Why Bullish?

Cango's expansion into mining increases revenue potential, reflecting positively on its stock performance.

How important is it?

The move significantly aligns with market trends in Bitcoin mining and energy supply, potentially boosting investor confidence.

Why Long Term?

The acquisition builds a sustainable infrastructure that supports future growth in Bitcoin and energy markets.

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, /PRNewswire/ -- Cango Inc. (NYSE: CANG) ("Cango" or the "Company"), today announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for a total cash consideration of US$19.5 million – a pivotal step marking the Company's transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure. This transaction represents Cango's first step to steadily increase its portfolio of owned and operated mining facilities. By selectively acquiring low-cost power operations, Cango aims to enhance operational efficiency, cost discipline, and long-term financial resilience—while establishing the foundation for a more advanced energy strategy in the future. The facility has hosted Cango's miners under a third-party hosting agreement. Following this acquisition, Cango will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. Fully equipped with essential mining infrastructure, accommodation, and support facilities, the facility enables a seamless transition for Cango. With this acquisition, Cango will begin developing in-house operational expertise required for managing self-owned mining sites, strengthening the Company's technical and managerial foundation.  As this infrastructure is put in place, Cango is also laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining while leveraging operational and technical expertise developed in-house. Mr. Peng Yu, CEO of Cango, said, "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. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider."  Investor Relations Contact Juliet YE, Head of CommunicationsCango Inc.Email: [email protected]  SOURCE Cango Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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