Chinese language automotive transaction providers platform Cango (CANG), which pivoted to bitcoin btc$103,602.40 Mining a yr in the past, it plans to strengthen its place on this space, in addition to enter the high-performance computing (HPC) market with synthetic intelligence (AI).
Cango stated it should prioritize optimizing its bitcoin mining enterprise by bettering the uptime and vitality effectivity of its operations in a letter to shareholders on Thursday.
The corporate can be on the lookout for a selected entry into AI HPC, the know-how that powers complicated AI duties similar to coaching massive language fashions (LLM) and analyzing huge information units.
As a part of these targets, Cango stated it should “proceed to accumulate and develop dual-purpose vitality infrastructure, making certain the belongings meet speedy bitcoin mining wants whereas being designed to help future HPC deployments.”
The corporate’s board additionally permitted a direct itemizing on the New York Inventory Trade (NYSE), which it expects to start buying and selling on November 17.
Cango dabbled in bitcoin mining final November, spending $400 million to accumulate 50 exahash per second (EH/s) of vitality.
The corporate has since acquired a 50 MW mining facility within the state of Georgia for $19.5 million and has elevated its bitcoin holdings to only over 6,400 BTC ($656 million).
CANG shares are priced at $3.55 as of Wednesday’s shut. That is up greater than 27% from a yr in the past, however about 50% decrease than the $5 to $5.50 vary it traded in for a lot of the summer time.
