Bitcoin mining equipment manufacturer Canaan expands its operations in Kazakhstan

The company announced that as of December 31, 2021, it has commissioned 10 300 AvalonMiner devices in the country

05.01.2022 - 10:10

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What’s new? Bitcoin mining equipment manufacturer Canaan Inc expands its operations in Kazakhstan after signing new strategic agreements with several cryptocurrency mining companies. The company announced that it has deployed 10 300 AvalonMiner devices in Kazakhstan as of December 31, 2021.

Information on the PR Newswire website

What does the Canaan representative say? The organization cooperates with the local firms as part of its plans to expand business outside of China. However, the company refused to list its local partners. Nangeng Zhang, Chairman and CEO of Canaan, commented:

“The deployment of over 10 000 mining machines not only deepens our collaboration with leading local mining farms, but also marks our great strikes in our cultivation of the bitcoin mining business. Joining hands with mining firms, we are excited to leverage each of our respective strengths and resources to maximize profits and capitalize on the growth of the digital assets industry.”

What is known about the company? Founded in 2013, Canaan is a technology company specializing in the design of high-performance computing ASIC chips. The company has seen impressive growth in 2021, with revenues reaching a post-IPO high. It reached $204,5 million in the third quarter, an increase of 708,2% over the same period in 2020.

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