Chinese language automobile buying and selling service platform Cango (CANG) has shifted its focus to Bitcoin BTC$103,602.40 Persevering with from final yr, the corporate plans to strengthen its mining efforts by dipping its toes into this area and coming into the bogus 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 also be pursuing focused entry into AI HPC, a know-how that powers complicated AI duties similar to coaching massive language fashions (LLMs) and analyzing massive datasets.
As a part of these targets, Cango stated it should “proceed to accumulate and develop dual-purpose power infrastructure to make sure property can meet speedy Bitcoin mining wants whereas being designed to assist future HPC deployments.”
The corporate's board of administrators has additionally authorised a direct itemizing on the New York Inventory Trade (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 simply over 6,400 BTC ($656 million).
As of Wednesday's shut, CANG inventory was valued at $3.55. That's up greater than 27% from a yr in the past, however about 50% decrease than the $5 to $5.50 vary it was buying and selling in by a lot of the summer time.
