TechFlow news, August 11 — According to PRNewswire, listed company Cango Inc. (NYSE: CANG) announced the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for $19.5 million in cash. The facility previously hosted Cango's mining machines. Following the acquisition, 30 MW will be allocated for self-operated mining, and 20 MW will be used for third-party hosting services.
Peng Yu, CEO of Cango Inc., stated that this acquisition marks a significant milestone in the company's transformation toward a diversified investment portfolio in Bitcoin mining facilities and energy infrastructure. By integrating long-term power supply agreements and developing new revenue streams, the company will optimize power costs, expand operational capacity, and enhance financial sustainability.
