Crypto mining company Cango purchases a 50MW mining facility in the United States
In a significant move, Cango Inc., the Chinese automotive services platform that underwent a fundamental transformation over the last year, has acquired a 50 MW mining facility in Georgia, USA, for $19.5 million. This acquisition marks Cango's transition into managing a diverse strategy that includes Bitcoin mining and energy infrastructure.
The deal, which includes a share-settled agreement worth US$144 million for mining machines with an aggregate hashrate of 18EH from Golden TechGen Limited, is the first step in Cango's plan to acquire more mining facilities. The acquisition aims to optimize power costs, expand operational capacity, and reinforce financial sustainability.
Peng Yu, Cango's CEO and former chief strategy officer for Antalpha, stated that the acquisition is a critical milestone towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. The strategic nexus with Bitmain, Cango's exclusive mining operator, represents a formidable competitive advantage in hardware procurement and industry expertise.
Three weeks ago, Cango's new leadership team was appointed, revealing a strategic connection to Antalpha Platform Holding Company and Bitmain. The new chairman, Xin Jin, is also the founder and CEO of Antalpha. Director Chang-wei Chiu, who was Antalpha's CIO from 2021 to 2022, is also part of Cango's new team.
The acquisition is part of Cango's strategic groundwork for supplying energy for high-performance computing applications. In May 2025, shareholders approved the sale of Cango's original automotive services business to Ursalpha Digital Limited for a total consideration of approximately US$352 million.
Cango's operational footprint spans North America, the Middle East, South America, and East Africa. The company's first month of operations in November 2024 yielded 363.9 BTC, worth approximately $35.2 million at the time. As of the third quarter of 2025, Cango commands a deployed hashrate of 50 exahashes per second (EH/s).
Cango holds a corporate treasury of over 4,500 Bitcoin, a testament to its commitment to the Bitcoin mining sector. This acquisition marks a significant step forward in Cango's mission to become a key player in the Bitcoin mining industry and the management of energy infrastructure for high-performance computing applications.
