• Cango bought 4,451 BTC for $305 million to repay debt, leaving it with 7,474 BTC in reserve because the inventory continues to commerce under $1.00.
  • The corporate appointed former Zoom govt Jack Jin as CTO to guide its pivot into AI “inference” computing utilizing its current mining infrastructure.
  • Regardless of the shift, Cango stays lively in mining, producing 500 BTC in January whereas planning to promote future rewards to fund its new AI enterprise line.

Bitcoin miner Cango mentioned it bought 4,451 Bitcoin (BTC) over the weekend for roughly US$305 million (AU$466 million), utilizing the total quantity to repay a part of a Bitcoin-backed mortgage. 

Cango mentioned it plans to make use of its grid-connected mining infrastructure to offer distributed computing capability for AI, whereas nonetheless working a Bitcoin mining operation. It added that it’s going to handle capital between the 2 companies below a “disciplined” allocation method.

The corporate additionally named Jack Jin, beforehand with Zoom, as CTO to assist construct the AI line. Cango inventory was buying and selling under $0.95 and is down about 62% over the previous six months. Cango shares fell about 3% after the announcement.

Cango stays dedicated to its mining operations, with a continued deal with enhancing mining economics and in search of an optimum stability between hashrate scale and operational effectivity. The corporate can be guided by a disciplined framework for asset allocation in pursuit of long-term worth creation.

Cango

Associated: Bitcoin Slump Hits Saylor’s Strategy at the Worst Possible Moment

CEO Says Promoting to Proceed

Cango mentioned it operates greater than 40 websites throughout 4 areas, mining practically 500 BTC in January and promoting 550 BTC in the course of the month for about US$39 million (AU$59 million). 

It ended January holding 7,474.6 BTC, valued at about US$528 million (AU$807.8 million). CEO Paul Yu mentioned the corporate expects to maintain promoting a part of newly mined BTC to fund growth of its AI “inference” platform and near-term development wants.

Bitcoin was final close to US$70,727 (AU$108,212), down about 0.2% over 24 hours, roughly 10% decrease on the week, and about 44% under its October peak of US$126,080 (AU$192,902).

Associated: House Democrats Probe Trump-Linked Crypto Firm Over $500M UAE Investment

The submit Bitcoin Miner Cango Sells $305M in BTC to Fund AI Compute Push appeared first on Crypto News Australia.