Cangu has acquired a 50 MW Mining Farm for 19.5 million USD, focusing on Bitcoin Mining and energy infrastructure.

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[Block Rhythm] On August 11, Cango Group (NYSE: CANG) announced today that it has acquired a fully operational 50-megawatt Mining Farm in Georgia, USA for a total cash price of $19.5 million, marking a key step in the company's diversification strategy, dedicated to managing a robust portfolio that encompasses Bitcoin mining and energy infrastructure. This transaction is the first step for Cango to steadily expand its own and operated Mining Farm portfolio.

By strategically acquiring low-cost power operation assets, Cango aims to enhance operational efficiency, strengthen cost management, and achieve long-term financial resilience, while laying the groundwork for more advanced energy strategies in the future.

The Mining Farm previously provided mining machine hosting services for Cango through a third-party custody agreement. After this acquisition, Cango will allocate 30 megawatts for its own Mining Farm operations, while 20 megawatts will continue to provide hosting services for third-party clients. As the infrastructure gradually improves, Cango is also strategically paving the way for a gradual shift towards providing energy for high-performance computing (HPC) applications, expanding the long-term potential of the Mining Farm.

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bridge_anxietyvip
· 6h ago
There is still more profit potential!
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GateUser-44a00d6cvip
· 6h ago
How much is this? They brag about it every day.
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DegenMcsleeplessvip
· 6h ago
The trader just finished his coffee.
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CommunitySlackervip
· 7h ago
Having money really allows for a lot of freedom.
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FloorPriceNightmarevip
· 7h ago
Cut Loss buy chicken sooner or later get rich
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