Bitcoin Miner Cango Dumps $305 Million in BTC to Fuel AI Pivot

Publicly traded Bitcoin miner Cango (CANG) parted ways with 4,451 BTC this weekend, raising approximately $305 million as it aims to fuel its expansion into providing compute power for the artificial intelligence (AI) boom. The firm used all of the proceeds to repay a portion of a Bitcoin-collateralized loan.  “The company is executing a strategic pivot by utilizing its globally accessed, grid-connected infrastructure to provide distributed compute capacity for the AI industry,” Cango said in a statement.  ...