Chinese language automotive transaction service platform Cango (CANG), which pivoted to bitcoin BTC$103,602.40 mining on 12 months in the past, plans to strengthen is footing on this space in addition to getting into the synthetic intelligence (AI) high-performance computing (HPC) market.
Cango stated it can 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 expertise that powers advanced AI duties resembling coaching large-language fashions (LLMs) and analyzing huge datasets.
As a part of these objectives, Cango stated it can “proceed to accumulate and develop dual-purpose vitality infrastructure, guaranteeing belongings service fast bitcoin mining wants whereas being architected to help future HPC deployments.”
The agency’s board has additionally accepted a direct itemizing on the New York Inventory Trade (NYSE), which it expects to go reside on Nov. 17.
Cango forayed into bitcoin mining final November, spending $400 million to accumulate 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 simply 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 12 months in the past, however some 50% decrease than the $5-$5.50 vary by which it traded all through a lot of the summer time.
