Cang Valley Group Acquires 50MW Bitcoin Mining Facility in Georgia, Officially Entering the Bitcoin Mining and Energy Infrastructure Sector

On August 11th, CanGu Group (NYSE: CANG) announced today that it has successfully acquired a fully functional 50-megawatt mine located in Georgia, USA. The total cash consideration for this acquisition is $19.5 million. This acquisition represents a significant step in the company's diversification strategy, with the aim of managing a robust portfolio that encompasses Bitcoin mining and energy infrastructure. This transaction serves as the first step in Cango's continuous expansion of its proprietary and operational mine portfolio. By selectively obtaining low-cost power operation assets, Cango intends to enhance operational efficiency, strengthen cost management, and achieve long-term financial stability, thereby laying the foundation for a more advanced energy strategy in the future. The mine previously offered mining machine hosting services to Cango through a third-party hosting agreement. Following this acquisition, Cango will allocate 30 megawatts for its own mine operation and will continue to provide hosting services to third-party customers for 20 megawatts. As the infrastructure gradually improves, Cango is also strategically preparing the ground for a transition towards providing energy for high-performance computing (HPC) applications, thereby expanding the long-term potential of the mine.