Crypto mining company Cango purchases a 50MW mining facility in the United States

In a significant shift, Cango Inc., formerly a Chinese automotive services platform, has undergone a fundamental overhaul and transformed into a bitcoin mining outfit. This transformation was kick-started three weeks ago with the appointment of a new leadership team, including Xin Jin as chairman, Peng Yu as CEO, and Chang-wei Chiu as a director.

Xin Jin, the founder and CEO of Antalpha Platform Holding Company, the primary lending partner of Bitmain, takes on the role of chairman. Peng Yu, who was the former chief strategy officer for Antalpha, steps into the CEO position. Chang-wei Chiu, Antalpha's CIO from 2021 to 2022, joins as a director.

One of Cango's first moves under this new leadership was the acquisition of a 50 MW mining facility in Georgia, USA, for $19.5 million in cash. This acquisition, combined with others, has propelled Cango's deployed hashrate to 50 exahashes per second (EH/s) as of the third quarter of 2025.

In May 2025, Cango sold its original automotive services business to Ursalpha Digital Limited for a total consideration of approximately $352 million. This sale was part of Cango's strategic groundwork for a gradual pivot towards supplying energy for high-performance computing applications. The acquisition also included a share-settled deal worth $144 million for mining machines with a combined hashrate of 18EH from Golden TechGen Limited.

The acquisition marks Cango's transition into managing a robust portfolio of Bitcoin mining and energy infrastructure. Peng Yu, Cango's CEO, stated that this acquisition aligns with the company's long-term vision to become the leading mining and energy solutions provider.

Cango's strategic nexus with Bitmain represents a formidable competitive advantage in the industry, particularly in hardware procurement and industry expertise. In November 2024, Cango spent $256 million to acquire mining hardware with a combined hashrate of 32EH from Bitmain.

The main shareholder or primary investor of Cango Inc. who conducted a merger with Antalpha Platform Holding Company in 2021 is Ant Group. This close relationship with Ant Group, along with Cango's acquisitions, has positioned Cango as an operational component of a larger and more powerful ecosystem, affirming its position as Bitmain's exclusive mining operator.

In November 2024, Cango mined 363.9 BTC, worth approximately $35.2 million at the time. Cango now holds a corporate treasury of over 4,500 Bitcoin.

The deal is Cango's first step in acquiring more mining facilities, with a focus on establishing a more advanced energy strategy. The acquisitions have transformed Cango into an integral part of a larger ecosystem, paving the way for its future growth in the Bitcoin mining industry.

Cango manages a global operational footprint spanning North America, the Middle East, South America, and East Africa. As Cango continues to expand its operations, it is poised to make significant contributions to the Bitcoin mining industry and the broader high-performance computing landscape.