The publicly listed company focuses on hosting and mining services to diversify its energy strategy.
NYSE-listed Cango Inc. (CANG) has completed the acquisition of a 50-megawatt operational bitcoin mining facility in Georgia (United States), investing $19.5 million in a move aimed at strengthening its presence in the sector.
The newly acquired facility will enable Cango to implement a balanced operational model: 30 MW will be allocated to mining equipment, while the remaining 20 MW will be dedicated to hosting services for third-party clients. This configuration provides the company with the flexibility to adapt to changing market conditions, alternating between proprietary mining and hosting services depending on profit opportunities.
The Georgian site already includes electrical distribution systems, immersion-ready racks, and on-site technical support, ensuring a smooth operational transition, according to the company.
From automotive to mining
Cango’s transformation represents one of the most significant corporate pivots in the industry. The company abandoned its core business in the Chinese automotive sector to fully embrace bitcoin mining in 2025.
This shift included the disposal of its automotive operations in the People’s Republic of China, the entry of new shareholders in June, and a complete restructuring of the board and management in July. The move towards mining infrastructure began at the end of 2024 with the first purchases of dedicated mining machines.
Cango recently reached 50 EH/s, joining the ranks of major industry players such as MARA and CleanSpark. In the most recent reported week, Cango mined 149.1 bitcoins, bringing its reserves to 4,678.9 BTC, valued at over $561 million. The company maintains an accumulation strategy as it approaches its goal of 5,000 BTC by the end of the year.
The operational model adopted in the new facility will allow the company to balance cash flow and balance sheet exposure through operational flexibility. When market conditions favor direct mining, the company can reallocate its power capacity; otherwise, it can maximize revenue through hosting services, creating a more stable and predictable income stream.
