Cango Buys 50MW Bitcoin Mining Site In Georgia
Cango Inc. (NYSE: CANG) has announced the acquisition of a fully operational 50MW Bitcoin mining facility in Georgia, USA, for a total cash consideration of $19.5 million. The move represents a significant milestone in Cango’s strategic shift toward managing a diversified portfolio of energy infrastructure and Bitcoin mining operations.
This acquisition marks Cango’s first step in expanding its portfolio of owned-and-operated mining sites. By selectively acquiring low-cost energy assets, the company aims to enhance operational efficiency, reduce costs, and strengthen long-term financial resilience while laying the groundwork for a more advanced energy strategy.
The facility, previously hosting Cango’s miners under a third-party agreement, will now be divided into 30MW for self-mining and 20MW for third-party hosting services. Fully equipped with mining infrastructure, accommodation, and support facilities, the site offers a seamless transition to ownership.
By controlling the facility, Cango can develop in-house operational expertise for managing its mining sites, bolstering both technical and managerial capabilities. The company also intends to leverage this infrastructure for high-performance computing (HPC) applications, positioning itself to diversify beyond Bitcoin mining in the long term.
Peng Yu, CEO of Cango, stated:
“This acquisition is a landmark achievement for Cango and marks the start of our vertical integration strategy. By integrating long-term power supply agreements and creating new revenue streams, we are optimizing energy costs, expanding operational capacity, and strengthening financial sustainability. This aligns with our vision to become a leading provider of mining and energy solutions.”
According to crypto industry experts, Cango’s latest move reflects a clear trend among Bitcoin mining companies to secure direct control over their energy sources in order to maximize operational efficiency. By owning its own infrastructure, Cango can lock in low electricity rates, a critical factor for maintaining profitability in the face of Bitcoin’s price volatility. Additionally, allocating part of the facility’s capacity to third-party hosting services not only generates a stable revenue stream but also reduces dependence on BTC price fluctuations. More importantly, the company’s plan to expand into high-performance computing (HPC) opens the door to lucrative markets such as artificial intelligence (AI), 3D rendering, and scientific simulations—sectors that often deliver higher margins than traditional Bitcoin mining. If executed effectively, this integrated strategy could quickly position Cango as a strong competitor against firms that rely solely on external hosting services and are vulnerable to swings in market electricity prices.