ASIC Maker Canaan Delivers 2,000 Mining Rigs to Kazakhstan

Crypto mining rig maker Canaan delivered 2,000 Avalon mining rigs to Kazakhstan, according to a press release shared with CoinDesk on Monday.

• The Chinese rig manufacturer announced in June that it would be diversifying its mining business in Kazakhstan in the wake of China’s crackdown on the industry.
• Following the delivery, Canaan’s overseas-registered entity in Kazakhstan will start joint operations, and expects more batches to arrive throughout the week, the press release said.
• The company currently operates 32,000 terahash per second (TH/s) of computing power and plans to operationalize 850,000 TH/s “in the near term,” according to the press release.
• Canaan plans to deploy 1.8 exahashes per second in total, said CEO and chairman Nangeng Zhang on its Q3 earnings call according to The Block.
• Kazakhstan has been working on new regulation to deal with the influx of miners following the crackdown in China.

Read more: Kazakhstan’s Crypto Miners Face New Regulations After Contributing to Power Shortages