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Bitcoin mining

Canaan ready to expand services in Kazakhstan with 10,000 Machines

05 Jan 2022 : 03:26
2 min read
  • Canaan has entered into multiple agreements with several mining firms in Kazakhstan
  • The deal involves joint mining ventures and Canaan's 10,000 mining machines
  • The hashrate for Bitcoin network reached a new all-time high after China's crackdown

Canaan, a firm focused on ASIC chip manufacture and design and research, is set to expand its services in Kazakhstan, with over 10,000 machines deployed in the nation. The country has recently become a safe haven for miners and related firms after the crackdown from China. 

Canaan engaged in multiple agreements

As per a press release, Canaan has entered into a number of agreements with Bitcoin mining firms in the country. The nature of these agreements surrounds the concept of joint mining ventures in the nation with the chip manufacturer. 

On December 22, 2021, the firm had launched its “last batch of mining machines online under its first phase of deployment in Kazakhstan.” Furthermore, on December 31, the Canaan already had around 10,300 AvalonMiner units fully operational in Kazakhstan. 

Moreover, the company has been actively adding computing power to its mining business in the country.

“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,” said Nangeng Zhang, Chairman, and CEO of Canaan

Kazakhstan’s pro-mining stance

Canaan is not the only firm to find a safe haven in Kazakhstan. The country has seen a huge influx of Bitcoin mining firms with a huge spike in mining activity in the nation. The country has also contributed to the spike in the hash rate that led to the establishment of a new all-time high. 

However, the country has been experiencing a huge power shortage due to a rise in mining activities and has borrowed electricity from Russia. The power outages in Kazakhstan have been rampant. 

Furthermore, as per another tweet, the BTC network has fully recovered from the effects of the China crackdown and continues to improve. 

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