Chinese automotive transaction service platform Cango (CANG), which pivoted to bitcoin mining on year ago, plans to strengthen is footing in this area as well as entering the artificial intelligence (AI) high-performance computing (HPC) market.
Cango said it will prioritize optimizing its bitcoin mining business by improving uptime and improving the energy efficiency of its operations in a letter to shareholders on Thursday.
The company is also pursuing a targeted entry into AI HPC, the technology that powers complex AI tasks such as training large-language models (LLMs) and analyzing massive datasets.
As part of these goals, Cango said it will “continue to acquire and develop dual-purpose energy infrastructure, ensuring assets service immediate bitcoin mining needs while being architected to support future HPC deployments.”
The firm’s board has also approved a direct listing on the New York Stock Exchange (NYSE), which it expects to go live on Nov. 17.
Cango forayed into bitcoin mining last November, spending $400 million to acquire 50 exahash per second (EH/s) of power.
Since then, the company acquired a 50 MW mining facility in the state of Georgia for $19.5 million and has grown its bitcoin holdings to just over 6,400 BTC ($656 million).
CANG shares are priced at $3.55 as of Wednesday’s close. This is an increase of over 27% compared to a year ago, but some 50% lower than the $5-$5.50 range in which it traded throughout much of the summer.