Chinese language automotive transaction service platform Cango (CANG), which pivoted to bitcoin BTC$103,602.40 mining on yr in the past, plans to strengthen is footing on this space in addition to getting into the bogus intelligence (AI) high-performance computing (HPC) market.
Cango stated it should prioritize optimizing its bitcoin mining enterprise by bettering uptime and bettering the vitality effectivity of its operations in a letter to shareholders on Thursday.
The corporate can also be pursuing a focused entry into AI HPC, the know-how that powers advanced AI duties resembling coaching large-language fashions (LLMs) and analyzing large datasets.
As a part of these objectives, Cango stated it should “proceed to amass and develop dual-purpose vitality infrastructure, making certain belongings service quick bitcoin mining wants whereas being architected to assist future HPC deployments.”
The agency’s board has additionally authorized a direct itemizing on the New York Inventory Alternate (NYSE), which it expects to go reside on Nov. 17.
Cango forayed into bitcoin mining final November, spending $400 million to amass 50 exahash per second (EH/s) of energy.
Since then, the corporate acquired a 50 MW mining facility within the state of Georgia for $19.5 million and has grown its bitcoin holdings to only over 6,400 BTC ($656 million).
CANG shares are priced at $3.55 as of Wednesday’s shut. This is a rise of over 27% in comparison with a yr in the past, however some 50% decrease than the $5-$5.50 vary during which it traded all through a lot of the summer season.
