Canaan announced partnerships with leading multiple crypto mining firms in Kazakhstan


Leading
Bitcoin mining hardware manufacturer Canaan announced its partnerships with
leading multiple crypto mining firms in Kazakhstan as part of its expansion
plan and to support the joint mining business in the region.
Canaan
does not list the names yet of any local firms that it intends to collaborate
with.
In a
press release published on Tuesday, China-rooted producer of coin minting
equipment, Canaan revealed that already over 10,000 pieces of hardware were
deployed. Officially, the company had completed installing the last batch of
mining machines for the first phase of its deployment. As of December 31st,
2021, they had around 10,300 AvalonMiner bitcoin miners operating in
Kazakhstan. This deployment was done amid a situation when the country is going
through a lot of challenges with the electricity supply. An increase in the
price of energy also leads to protests that could affect the industry.
As
stated by Nangeng Zhao, Chairman, and CEO of Canaan. “The deployment of over
10,000 mining machines not only deepens our collaboration with leading local
mining farms but also marks our great strikes in our cultivation of the Bitcoin
mining business. Joining hands with mining firms, we are excited to leverage
each of our respective strengths and resources to maximize profits and
capitalize on the growth of the digital assets industry.”
About
Canaan:
Canaan
which is a Nasdaq-listed Bitcoin mining manufacturer company was founded in
2013. It mainly focuses on designing ASIC high-performance computing chip and
also research for the development of crypto mining equipment.
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