Block Chain

Canaan Deploys 10,300 Mining Machines in Kazakhstan, Expanding its Mining Operations

Canaan, a Chinese Bitcoin mining producer engaged in impartial AI chip analysis and growth in addition to offering high-performance computing companies, introduced that it has signed strategic cooperation agreements with various crypto mining corporations and plans to launch joint mining operations in Kazakhstan.

According to the official announcement, as of the tip of 2021, a complete of 10,300 AvalonMiners have been invested in Kazakhstan.

Zhang Nangeng, Chairman and CEO of Jianan Zhizhi, mentioned that:

 

“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.”

“As we expand our involvement further down the Bitcoin value chain, we are enhancing the depth and width of our global presence while solidifying our business operations. 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,” Zhang added.

Canaan stated that on December 22, 2021, the final batch of mining machines deployed by the corporate in the primary part of Kazakhstan has been efficiently launched.

Due to China’s crackdown on crypto mining, many bitcoin miners have shifted their base out of China.

As the rise of unlawful coal extraction prompted China’s newest crackdown on cryptocurrency mining. As a outcome, the Communist party-led administration pressured them to crack the whip as a result of these illicit actions endangered folks’s lives and undermined the federal government’s bold environmental aims on May 25, 2021.

The multinational semiconductor firm Bitmain Technology Holding, subsequently, introduced that from October 11, 2021, Bitmain’s Antminer will cease delivery to mainland China to adjust to a collection of native bans on strict crackdowns on cryptocurrencies.

As China is stifling the crypto mining business, neighbouring Kazakhstan is raring to make use of its wealthy coal sources and cheaper labour to replenish corporations that had beforehand mined in Chinese mining swimming pools.

The authorities of Kazakhstan is planning to draw $738 million in investments associated to cryptocurrencies and digital mining actions arrange with the nation over the subsequent three years.

After six months of restoration, the hash price of the Bitcoin community hit a report excessive on January 2.

Image supply: Shutterstock

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