Cango buys 50 MW Bitcoin mine in Georgia for $19.5M

Cango Inc. (NYSE: CANG) acquired a fully operational 50-megawatt Bitcoin mining facility in Georgia for $19.5 million, marking a push into owned mining and energy infrastructure, according to PR Newswire press release. The site will allocate 30 MW to self-mining and 20 MW to third-party hosting, with the company saying the deal builds in-house expertise and lays groundwork to supply power for future HPC uses.