The Chinese manufacturer of mining hardware, Canaan Inc., has entered into new strategic partnerships in Kazakhstan. The company listed on the Nasdaq announced on Tuesdaythat 10,300 “AvalonMiner” units have been in use since December 31, 2021. This would conclude the first phase of expansion in the Central Asian country. However, the communication does not reveal which companies Canaan is doing common cause with.
By further expanding our involvement in the Bitcoin value chain, we are increasing the depth and breadth of our global presence and at the same time consolidating our business activities. We look forward to working with mining companies to leverage our respective strengths and resources to maximize profits and capitalize on the growth of the digital asset industry
said Nangeng Zhang, chairman and chief executive officer of Canaan.
Kazakhstan is becoming more and more important for the mining scene
The company is based in Hangzhou, China. However, due to the extensive mining ban in China, Canaan is now expanding into other countries. Nangeng used the earnings announcement in July to speak out clearly against the mining ban. He explained to investors that crypto miners can make better use of excess electricity. They also made a positive contribution to employment and the local economy.
Kazakhstan, which borders on China, is now gradually preparing to gain the importance of the neighboring state in terms of crypto. The advantages are apparent. The climatic conditions are favorable. Coal is abundant and comparatively cheap. Kazakhstan now accounts for around a fifth of global Bitcoin production. BTC-ECHO has already reported that, despite the ban, mining continues to be carried out on a large scale in China.
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Mining company moves to Kazakhstan from China