Chinese automotive transaction services platform Cango (CANG), which pivoted to bitcoin Mining a year ago, it plans to strengthen its position in this area, as well as enter the high-performance computing (HPC) market with artificial intelligence (AI).
Cango said it will prioritize optimizing its bitcoin mining business by improving the uptime and energy efficiency of its operations in a letter to shareholders on Thursday.
The company is also looking for a specific entry into AI HPC, the technology that powers complex AI tasks such as training large language models (LLM) and analyzing massive data sets.
As part of these goals, Cango said it will “continue to acquire and develop dual-purpose energy infrastructure, ensuring the assets meet immediate bitcoin mining needs while being designed to support future HPC deployments.”
The company’s board also approved a direct listing on the New York Stock Exchange (NYSE), which it expects to begin trading on November 17.
Cango dabbled in bitcoin mining last November, spending $400 million to acquire 50 exahash per second (EH/s) of energy.
The company has since acquired a 50 MW mining facility in the state of Georgia for $19.5 million and has increased its bitcoin holdings to just over 6,400 BTC ($656 million).
CANG shares are priced at $3.55 as of Wednesday’s close. That’s up more than 27% from a year ago, but about 50% lower than the $5 to $5.50 range it traded in for much of the summer.
