Cango acquires 50 MW Bitcoin mining farm in Georgia for $19.5 million in cash

Cango Inc. (NYSE: CANG) announced that it has acquired an operating 50-megawatt Bitcoin mining facility in Georgia, USA, for $19.5 million in cash. It plans to use 30 megawatts of the facility for its own Bitcoin mining and 20 megawatts for third-party hosting services.