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Cang Valley Group Acquires 50MW Bitcoin Mining Facility in Georgia, Officially Entering the Bitcoin Mining and Energy Infrastructure Sector
BlockBeats News, August 11th, CanGu Group (NYSE: CANG) announced today that it has acquired a fully operational 50-megawatt mine in Georgia, USA, for a total cash consideration of $19.5 million. This acquisition marks a key step in the company's diversification strategy, aiming to manage a robust portfolio covering Bitcoin mining and energy infrastructure. This transaction is the first step in Cango's steady expansion of its proprietary and operational mine portfolio.
By selectively acquiring low-cost power operation assets, Cango aims to improve operational efficiency, strengthen cost management, and achieve long-term financial resilience, laying the foundation for a more advanced energy strategy in the future.
The mine previously provided mining machine hosting services to Cango through a third-party hosting agreement. After this acquisition, Cango will allocate 30 megawatts for self-operated mine operation and continue to provide hosting services to third-party customers for 20 megawatts. As the infrastructure gradually improves, Cango is also strategically paving the way for a shift towards providing energy for high-performance computing (HPC) applications, expanding the long-term potential of the mine.
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