Chinese language automotive buying and selling service platform Cango (CANG) has shifted its focus to Bitcoin BTC$103,602.40 Persevering with from final 12 months, the corporate plans to strengthen its mining efforts by dipping its toes into this house and getting into the synthetic intelligence (AI) high-performance computing (HPC) market.
Cango stated in a letter to shareholders on Thursday that it prioritizes optimizing its Bitcoin mining operations by enhancing uptime and making its operations extra power environment friendly.
The corporate can be pursuing focused entry into AI HPC, a know-how that powers complicated AI duties comparable to coaching massive language fashions (LLMs) and analyzing massive datasets.
As a part of these objectives, Cango stated it would “proceed to accumulate and develop dual-purpose power infrastructure to make sure belongings can meet quick Bitcoin mining wants whereas being designed to assist future HPC deployments.”
The corporate’s board of administrators has additionally authorized a direct itemizing on the New York Inventory Change (NYSE), which is anticipated to go public on November seventeenth.
Cango entered Bitcoin mining final November, spending $400 million to accumulate 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).
As of Wednesday’s shut, CANG inventory was valued at $3.55. That is up greater than 27% from a 12 months 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.
