In the investment circle of Silicon Valley, discussions about the "energy wall" have recently become quite heated. A consensus is forming: in the second half of AI, the competition is not about chips, but about the power grid. When NVIDIA's GPU production capacity is no longer a bottleneck, whoever can find the cheapest and most stable electricity for these money-consuming beasts will hold the "oil" of the AI era.

At this critical juncture, a dramatic case has emerged in the U.S. stock market: a year ago, it was a traditional automotive finance company, and a year later, it not only sold off its original business but transformed into a new powerhouse holding over 7,000 bitcoins.

This company is called CANG. At this singular moment where crypto and AI collide, it is validating a logic with real money: In the capital market, the ones that survive the longest are not the strongest, but the ones that can transform the fastest.

1. The Evolution of Mining Farms: From "Power Arbitrage" to "Infrastructure Outpost"

To understand the value of CANG, one must first grasp the dramatic changes occurring in the current crypto mining industry.

In the past, mining farms were seen as simple "power arbitrage machines"—consuming electricity to produce bitcoins. However, with the explosion of AI demand, the definition of mining farms has been rewritten. As a popular viewpoint in the industry states: Mining farms are essentially "power and computing capacity conversion sockets." They occupy valuable power capacity and substation facilities, which are the most scarce resources for AI data centers.

However, the North American power grid is nearing its limits. According to BloombergNEF's predictions, by 2030, the data center load on the PJM grid alone could rise to 31GW. In Texas, power queuing and high interconnection costs make it extremely difficult to establish new AI data centers.

This structural supply-demand contradiction is forcing capital to seek "energy basins." This is precisely where CANG's strategy shines: It is not struggling in the congested U.S. power grid but is using mining farms as a "Trojan horse" to secure a position in global energy basins.

2. Oman and Indonesia: Energy Hunters Escaping the Red Sea

In its latest strategy, CANG has set its sights on two seemingly obscure yet highly promising locations: Oman and Indonesia. This is not blind expansion but a precise "energy hunt."

First, Oman: the zero-cost myth in the desert.

CANG has deployed 12% of its computing power here. Why Oman? Because the industrial direct supply electricity prices here generally range from $0.05 to $0.07 per kWh, far lower than the commercial electricity prices in most U.S. states. More imaginatively, CANG is advancing an off-grid closed-loop project of "photovoltaics + energy storage + computing power." Under the desert sunlight, once this system is operational, it means that marginal energy costs will approach zero. This is not just mining; it is paving the way for future high-energy-consuming AI.

Next is Indonesia: the best battlefield for edge computing.

If Oman is about cheap energy, Indonesia is about "scenarios." Indonesia has the second-largest geothermal reserves in the world and is backed by a thriving Southeast Asian digital economy with companies like Shopee and TikTok. In Indonesia, CANG has not only locked in long-term low-cost clean energy but is also laying out the future of AI inference. As AI shifts from training to inference, computing power demand will decentralize from centralized clusters to edge nodes closer to users. CANG's layout in Indonesia precisely positions it at the explosion point of Southeast Asian AI inference traffic.

3. Valuation Reconstruction: An Unpriced "Call Option"

Currently, CANG's balance sheet is extremely "attractive": it holds $44.9 million in cash and over 7,000 bitcoins. Q3 mining revenue reached $220 million, accounting for 98%. Even without discussing AI, based solely on these liquid assets and mining cash flow, the current market value is already significantly undervalued. Investors buying into CANG are essentially purchasing a safety cushion of assets while gaining a "call option" on the transformation to AI computing power for free.

Once the off-grid project in Oman proves successful, or the computing power leasing business in Indonesia begins to contribute substantial revenue, the market will have to switch its valuation from "mining stocks" to "AI infrastructure stocks." At that time, CANG will experience a "Davis double play" in performance and valuation.

Conclusion

Mining farms are not just mining farms; they are land reserves for the AI era; computing power is not just a number; it is the future industrial output.

CANG's experiment is essentially betting on a future: The ultimate competition for computing power will no longer be a competition for chips, but a redistribution of global energy resources. It has transformed itself into a fast boat that can freely switch between "digital assets" and "AI computing power."

For investors, understanding this underlying logic of "energy + computing power" may reveal the most genuine "valuation switch" obscured by market sentiment.

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