Cango is transitioning to AI with a sale of 305 million dollars in BTC.

Strategic Need from Bitcoin Miner Cango

Cango generated 305 million dollars by selling 4,451 Bitcoin (BTC) during the market slowdown. The company plans to use this revenue to reduce its debt levels and transition to artificial intelligence (AI) computing infrastructure.

Cango aims to establish modular GPU units in over 40 global locations. With this move, it seeks to provide demand-driven AI inference capabilities for small and medium-sized enterprises.

This situation is seen as part of the increasing trend of Bitcoin miners shifting towards AI. However, analysts point out the viability risks associated with transitioning to AI-focused business models.