BTC Miner Cango Buys 50 MW Mining Facility in US

Cango Inc. (NYSE: CANG) announced on August 9 the acquisition of a fully operational 50 MW mining facility in Georgia, USA, for $19.5 million in cash, marking the company's "transition into a diverse strategy that manages a robust portfolio of Bitcoin mining and energy infrastructure," according to an announcement shared with Blockhead.

This deal represents Cango’s first step in acquiring more mining facilities, with a focus on "establishing the foundation for a more advanced energy strategy in the future," the announcement read.

Peng Yu, Cango CEO, said, "This acquisition is a critical milestone and marks our transition towards a more diversified and resilient portfolio of Bitcoin mining sites and energy infrastructure. By integrating long-term power supply agreements into our portfolio and developing new revenue streams, we are optimizing power costs, expanding operational capacity, and reinforcing our financial sustainability. This acquisition aligns with our long-term vision to become the leading mining and energy solutions provider."

The acquisition is part of "laying the strategic groundwork for a gradual pivot towards supplying energy for high-performance computing (HPC) applications, further expanding the long-term potential of its sites beyond Bitcoin mining," according to a Cango press release.

Operationally, Cango has emerged as a formidable player in the public mining sector. As of the third quarter of 2025, the company commands a deployed hashrate of 50 exahashes per second (EH/s), holds a corporate treasury of over 4,500 Bitcoin, and manages a global operational footprint spanning North America, the Middle East, South America, and East Africa.

Calculated Pivot

Not too long ago, Cango was known as a Chinese automotive services platform facilitating a wide array of services, including automotive financing, car sourcing and trading, logistics, and after-market services. Over the last year, it has undergone a fundamental overhaul of its assets, operations and leadership, transforming itself into a bitcoin mining outfit, bearing almost no resemblance to the entity that listed on the New York Stock Exchange in 2018.

In November 2024, Cango broke the bank to the tune of US$256 million, acquiring mining hardware with an aggregate hashrate of 32EH from Bitmain. This transaction also included a share-settled deal (valued at US$144 million) for mining machines with an aggregate hashrate of 18EH from Golden TechGen Limited, a company wholly owned by the former chief financial officer of Bitmain, and other individual sellers.

Cango's first month of operations in November 2024 yielded 363.9 BTC, worth approximately $35.2 million at the time. In May this year, Cango's shareholders approved the sale of its original automotive services business to Ursalpha Digital Limited for a total consideration of approximately US$352 million. The sale was completed in the same month.

Vertical Alignment

Just three weeks ago, Cango's new leadership team was appointed , revealing a powerful and strategically vital connection to Antalpha Platform Holding Company (NASDAQ: ANTA) and, by extension, to Bitmain. Antalpha is explicitly described in its own filings as the "primary lending partner of Bitmain."

Cango's new chairman, Xin Jin, also the founder and CEO of Antalpha, is joined by incoming CEO Peng Yu (former chief strategy officer for Antalpha) and director Chang-wei Chiu (Antalpha's CIO from 2021 to 2022). The appointments transform Cango from a standalone miner into an operational component of a much larger and more powerful ecosystem, affirming its position as Bitmain's exclusive mining operator.

Cango stands at a strategic nexus, with a significant potential advantage in hardware procurement and industry expertise. In an industry where technological efficiency and the ability to procure hardware at scale are paramount, this relationship represents a formidable competitive advantage. Cango's initial hardware acquisition directly from Bitmain is the first and most tangible manifestation of its strategic nexus.

For all intents and purposes, Cango Inc. is a new company. Its investment thesis is no longer tied to the Chinese automotive market but is now inextricably linked to the operational acumen of its new management, the strategic benefits of its affiliation with the Bitmain ecosystem, and the inherent volatility and opportunities within the global Bitcoin market.