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January 21, 2022

Canaan expands crypto mining operations in Kazakhstan

Canaan, which is a number one Bitcoin mining {hardware} firm, introduced its strategic collaboration with crypto mining companies in Kazakhstan to bolster the joint mining enterprise in the area. 

Canaan enters into strategic alliances with Kazakh crypto mining companies

Canaan on Tuesday announced that it had efficiently deployed 10,300 AvalonMiner items in Kazakhstan. As of December thirty first, 2021, the corporate had formally finalized section one in every of its deployment trajectory in the area. 

According to the press launch, Canaan will likely be coming into into strategic alliances with a number of crypto mining companies as a part of its enlargement plan. The firm, nevertheless, has not listed the names of any native companies that it intends to collaborate with. 

“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.” As acknowledged by Nangeng Zhao, Chairman, and CEO of Canaan. 

Founded in 2013, Canaan is a Nasdaq-listed Bitcoin mining producer firm that focuses on ASIC high-performance computing chip design and analysis to spearhead the event of crypto mining gear.  

Kazakhstan emerges as a number one spot for stranded Bitcoin miners

Kazakhstan has emerged as one of the highest spots for Bitcoin mining, after Russia and the USA. Following crypto clampdown in China, many ousted Bitcoin miners discovered refuge in Kazakhstan, the place the area’s low cost electrical energy costs acted as a catalyst for them to mine Bitcoin with minimal exterior intervention. 

The costs of electrical energy in Kazakhstan are the bottom as in comparison with different nations. The average electrical energy consumption in the area quantities to just about $0.041 per kWh for households. 

Recently, the nation has additionally been dealing with frequent electrical energy shortages owing to in depth crypto mining practices which can be being performed in the area. According to the reports issued by the vitality ministry of Kazakhstan, the nation’s electrical energy demand jumped 8% in 2021, fueling steady energy blackouts in the area. 

Posted In: Kazakhstan, Mining

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