Canaan, one the largest producers of Bitcoin mining equipment in the world, has announced strategic collaboration agreements in Kazakhstan with several mining companies as part of its regional expansion plans.
Canaan’s Expansion Roadmap
This latest development in Canaan’s joint mining business plans with Kazakh companies comes just weeks after the successful launch of the first batch of machines online under the country’s first phase. The average number of AvalonMiners that the Chinese ASIC manufacturer had in Kazakhstan as of December 31, 2021 was 10,300. This figure is still growing.
Nangeng Zhang (Chief Executive Officer and Chairman of Canaan) stated that the deployment of more than 10,000 mining machines only “deepens” collaboration with top regional mining farms. He also stated that Canaan aims to increase its global presence and strengthen its business operations.
“We are thrilled to join hands with mining companies to maximize profits and capitalise on the growth in the digital assets sector.”
Get Power from Kazakhstan
Canaan announced that it would diversify its Kazakhstan mining business following China’s ban on cryptocurrency mining and trading. The cheap and abundant coal power is one of the main reasons Kazakhstan emerged as the winner in Bitcoin mining and cryptocurrency miners.
Needless to mention, miners rushed to join the ranks. The country was the second largest Bitcoin mining country after the United States in August 2021.
The country’s mining boom caused a disruption to the energy supply, months after it welcomed the ex-miners. Although the Kazakh government will not prohibit crypto mining in any way, it is possible that regulations will be introduced to reduce illegal mining farms. Officials believe these may consume twice as much energy as legal and registered ones.
Marla Brooks – Financial Analysis
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