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- 📢 Exclusive on Gate Square — #PROVE Creative Contest# is Now Live!
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Canary Group's acquisition of a 50 MW Bitcoin Mining Farm in Georgia marks its official entry into the Bitcoin Mining and energy infrastructure sector.
According to Mars Finance, on August 11, Cango Group (NYSE: CANG) announced today that it has acquired a fully operational 50 megawatt mining farm in Georgia, USA for a total cash price of $19.5 million, marking a key step in the company's diversification strategy aimed at managing a strong portfolio that encompasses Bitcoin mining and energy infrastructure. This transaction is the first step for Cango to steadily expand its own and operational mining farm portfolio. By selectively acquiring low-cost power operating assets, Cango aims to enhance operational efficiency, strengthen cost management, and achieve long-term financial resilience, while laying the groundwork for more advanced energy strategies in the future. The mining farm previously provided hosting services for Cango's mining rigs through a third-party hosting protocol. After the acquisition, Cango will allocate 30 megawatts for its own mining farm operations, while 20 megawatts will continue to provide hosting services for third-party clients. As the infrastructure gradually improves, Cango is also strategically paving the way to gradually shift towards providing energy for high-performance computing (HPC) applications, expanding the long-term potential of the mining farm.