Canaan begins its own bitcoin mining operations in Kazakhstan

Jun 24, 2021 | The Block News | 0 comments

canaan-begins-its-own-bitcoin-mining-operations-in-kazakhstan

Bitcoin mining machines manufacturer Canaan has started mining bitcoin in Kazakhstan, following the crackdown on bitcoin mining in China.

Canaan said its AvalonMiner units are already in operation in Kazakhstan. When asked how many units and of which model have been deployed, a Canaan spokesperson declined to comment on specifics but said “a first batch of small-scale mining machines” have been deployed to start with.

Canaan foresees “a gradual ramp-up to full operational functionality over time,” the spokesperson added. The company has partnered with local mining companies in Kazakhstan for the initiative, they said.

China-based Canaan has been preparing to launch a crypto mining business in Kazakhstan for some time now. Earlier this month, the Nasdaq-listed company opened its first overseas after-sales service center in Kazakhstan as its global sales continue to increase.

Kazakhstan appears to be growing in popularity for bitcoin mining after China moved to shut down local bitcoin mining farms last month. Kazakhstan is close to China and has one of the cheapest electricity rates in the world.

Earlier this week, China-based BIT Mining, formerly known as 500.com, also shipped some of its bitcoin mining equipment to Kazakhstan. The company is set to send more machines to the country next month.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

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