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ASIC Maker Canaan Signs Multiple Deals for Expansion in Kazakhstan
Canaan had 10,300 AvalonMiner units in operation in Kazakhstan as of Dec. 31.
Updated May 11, 2023, 4:06 p.m. Published Jan 4, 2022, 12:06 p.m.
Chinese crypto mining rig maker Canaan entered into strategic collaborations with multiple mining firms in Kazakhstan as it looks to further expand its presence in the central Asian country.
- As of Dec. 31, Canaan had 10,300 AvalonMiners in operation in Kazakhstan, the firm announced on Tuesday.
- Canaan is now collaborating with local firms to form a joint-mining business in Kazakhstan as part of its migration away from its native China following the crackdown on the industry there last spring.
- The firm did not immediately respond to CoinDesk’s request to name its local partners.
- Canaan had deployed 2,000 mining rigs in Kazakhstan towards the end of last year. It operated 32,000 terahash per second (TH/s) of computing power and plans to operationalize 850,000 TH/s “in the near term,” the company said in November.
- Kazakhstan is among the most preferred locations for mining firms thanks to its abundance of cheap electricity. However, the sudden influx of crypto miners last year overwhelmed parts of the country’s electrical grid.
- The Kazakh government has been looking to restrict the industry in the country forcing many miners to start searching for a new home.
Read more: Miners Look Away From Kazakhstan for Growth Opportunities
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