Chinese Automotive Transaction Service Platform CANGO (CANG), pivoted to Bitcoin Mining in the past year, plans to boost footfall in this area as well as enter the Artificial Intelligence (AI) high-performance computing (HPC) market.
Cango said it will prioritize optimizing its bitcoin mining business by improving uptime and improving the energy efficiency of its operations. in a letter to shareholders on Thursday.
The company is also pursuing a targeted foray into AI HPC, the technology that powers complex AI tasks such as learning large-scale languages (LLM) and analyzing massive datasets.
As part of these aspirations, Cango said it will “continue to acquire and develop dual-purpose energy infrastructure, ensuring the assets service immediate bitcoin mining needs while being architected to support future HPC deployments.”
The firm’s board also approved a Direct listing on the New York Stock Exchange (NYSE), which it expects to go live on November 17.
Cango forayed into bitcoin mining last November, spending $ 400 million to get 50 exahash per second (Eh/s) of power.
Since then, the company has acquired a 50 MW mining facility in the state of Georgia for $19.5 million and increased its bitcoin holdings to more than 6,400 BTC ($656 million).
CANG shares are priced at $3.55 until close Wednesday. This is an increase of more than 27% compared to a year ago, but some 50% lower than the $5-$5.50 range in which it traded throughout the summer.
