ASIC Maker Canaan Signs Multiple Deals for Expansion in Kazakhstan

Chinese crypto mining rig maker Canaan entered into strategic collaborations with a number of mining corporations in Kazakhstan because it seems to be to additional broaden its presence in the central Asian nation.

  • As of Dec. 31, Canaan had 10,300 AvalonMiners in operation in Kazakhstan, the firm announced on Tuesday.
  • Canaan is now collaborating with native corporations to type a joint-mining enterprise in Kazakhstan as a part of its migration away from its native China following the crackdown on the business there final spring.
  • The agency didn’t instantly reply to CoinDesk’s request to call its native companions.
  • Canaan had deployed 2,000 mining rigs in Kazakhstan in the direction of the top of final 12 months. It operated 32,000 terahash per second (TH/s) of computing energy and plans to operationalize 850,000 TH/s “in the close to time period,” the corporate stated in November.
  • Kazakhstan is among the many most most well-liked areas for mining corporations due to its abundance of low-cost electrical energy. However, the sudden inflow of crypto miners final 12 months overwhelmed elements of the nation’s electrical grid.
  • The Kazakh authorities has been trying to prohibit the business in the nation forcing many miners to begin looking for a brand new dwelling.

Read extra: Miners Look Away From Kazakhstan for Growth Opportunities

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