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Canaan announced partnerships with leading multiple crypto mining firms in Kazakhstan

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Jan, 06 2022

Jan, 06 2022

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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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Indrani bose

CBW - External Analyst


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