Cango buys 50 MW BTC mining site in Georgia for $19.5 million to expand energy strategy, add hosting revenue

NYSE-listed crypto infrastructure firm Cango Inc. (ticker CANG) has acquired a fully operational 50-megawatt bitcoin mining facility in Georgia for $19.5 million, deepening the company’s pivot from auto services into digital assets.

The company plans to allocate 30 MW to its own fleet and 20 MW to third-party hosting, noting the site had already been hosting Cango’s machines under a prior agreement. The facility deal includes existing power distribution, immersion-ready racks, and on-site support, according to Monday's statement, enabling a “seamless transition” to the new operators.

Cango was long a China-focused automotive transaction and financing platform before pivoting to bitcoin mining in 2025. The company divested its PRC auto business and added new shareholders in June, part of a strategic transformation into a global miner. It also completed a board and management overhaul in July to finalize the shift, after it had begun moving into crypto infrastructure in late 2024 with equipment purchases.

A company-owned site with spare capacity gives Cango flexibility to shift megawatts between self-mining and customer hosting as market conditions change — a model several large U.S. miners use to balance cash flow and balance-sheet exposure.

Cango framed the purchase as crucial for expanding its broader energy strategy, with the Georgia site used to anchor both proprietary mining and a recurring-revenue hosting business. Terms beyond price weren’t disclosed.

The deal follows a recent capacity ramp. Cango joined BTC miners MARA and CleanSpark in the “50 EH/s club,” marking a fast scale-up since pivoting to bitcoin this year, The Block previously reported.

Operationally, Cango said it mined 149.1 bitcoins last week, lifting its stack to 4,678.9 BTC worth over $561 million while maintaining a full HODL stance as it “closes in on 5,000 BTC,” according to a company post on X.