Chinese language automotive transaction service platform Cango (CANG), which pivoted to bitcoin mining on 12 months in the past, plans to strengthen is footing on this space in addition to coming into the factitious intelligence (AI) high-performance computing (HPC) market.
Cango mentioned it should prioritize optimizing its bitcoin mining enterprise by bettering uptime and bettering the power 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 complicated AI duties corresponding to coaching large-language fashions (LLMs) and analyzing huge datasets.
As a part of these objectives, Cango mentioned it should “proceed to accumulate and develop dual-purpose power infrastructure, making certain property service speedy 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 Trade (NYSE), which it expects to go stay 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 during which it traded all through a lot of the summer time.
