Cango Inc. Boasts Record Bitcoin Reserves, Eyes AI Expansion
Cango Inc., a leading cryptocurrency mining company, is demonstrating a commitment to sustainable growth. With a strong focus on treasury management, a rising hashrate, and ambitious expansion plans, the company is making significant strides in the industry.
Cango's Bitcoin reserves have reached nearly 700 million USD, providing the company with substantial financial strength and strategic flexibility. This growth is reflected in the company's mining output, with 616.6 BTC mined in September 2022, although slightly less than the 663.7 BTC mined in August.
The company's hashrate has also risen significantly, reaching 44.85 Exahashes per second (EH/s). This increase, coupled with an average daily mining rate of 20.55 BTC in September 2022, indicates a robust and efficient mining operation.
Cango's expansion plans are equally impressive. The company plans to diversify its revenue streams by moving into High Performance Computing (HPC) and AI. This expansion will involve a major upgrade of its Michigan data center, increasing its capacity from 30 MW to potentially 340 MW. The center will utilize NVIDIA GPU infrastructure to support advanced AI and HPC workloads.
With its growing Bitcoin reserves, rising hashrate, and ambitious expansion plans, Cango Inc. is positioning itself as a major player in the cryptocurrency and AI industries. The company's strong treasury management and focus on sustainable growth indicate a promising future. Cango is now the 18th-largest publicly-listed company worldwide with Bitcoin holdings, a testament to its success and potential.
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