Cango has acquired a fully operational 50 MW mining facility in the USA for a cash consideration of USD 19.5 million.
The move is a key step in the company’s strategy to expand its portfolio and include Bitcoin mining and energy infrastructure. Cango is primarily engaged in the Bitcoin mining business, with operations across North America, the Middle East, South America, and East Africa. In parallel, the company continues to operate an online international used card export business through AutoCangoo.com, making it easier for global customers to access vehicle inventory from China.
The groundwork for a future energy strategy
The acquisition represents the company’s first step in expanding its portfolio of owned and operated mining facilities. By purchasing low-cost power operations, Cango improves operational efficiency, cost-effectiveness, and financial resilience, all while developing a more durable foundation for a better energy strategy in the future.
The facility has hosted Cango’s miners under a third-party hosting agreement. The company will allocate 30 MW to its self-mining operations and 20 MW to hosting services for third-party clients. The facilities are fully equipped with essential mining infrastructure, accommodation, and support spaces, allowing for a simple transition to Cango. The company will begin the development of in-house operational expertise required for self-owned mining sites management, and create the base for a gradual pivot towards supplying energy for high-performance computing (HPC), expanding the potential of its sites beyond Bitcoin mining.
The move reflects the beginning of the company’s vertical integration as it transitions to a more diversified portfolio. By leveraging long-term power supply arrangements and developing new revenue streams, it aims to optimise power costs, expand operational capacity, and reinforce its sustainability. The acquisition aligns with Cango’s long-term goal of becoming a bigger mining and energy solutions provider, strengthening its global presence.
