Chinese language automobile buying and selling service platform Cango (CANG) has shifted its focus to Bitcoin BTC$103,602.40 Persevering with from final yr, the corporate plans to strengthen its mining efforts by dipping its toes into this house and coming into the substitute intelligence (AI) high-performance computing (HPC) market.
Cango mentioned in a letter to shareholders on Thursday that it prioritizes optimizing its Bitcoin mining operations by enhancing uptime and making its operations extra vitality environment friendly.
The corporate can also be pursuing focused entry into AI HPC, a expertise that powers complicated AI duties similar to coaching massive language fashions (LLMs) and analyzing massive datasets.
As a part of these objectives, Cango mentioned it’ll “proceed to amass and develop dual-purpose vitality infrastructure to make sure belongings can meet fast Bitcoin mining wants whereas being designed to assist future HPC deployments.”
The corporate’s board of administrators has additionally accepted a direct itemizing on the New York Inventory Trade (NYSE), which is anticipated to go public on November seventeenth.
Cango entered Bitcoin mining final November, spending $400 million to amass 50 exahashes per second (EH/s) of energy.
Since then, the corporate has acquired a 50 MW mining facility in Georgia for $19.5 million, and its Bitcoin holdings have grown to only over 6,400 BTC ($656 million).
CANG inventory’s inventory value was $3.55 as of Wednesday’s shut. That is up greater than 27% from a yr in the past, however about 50% decrease than the $5 to $5.50 vary it was buying and selling in via a lot of the summer season.
