Canaan to launch its own mining farm in the USA

In the first quarter of 2022, the company reported net income of $65,5 million, up from $177 000 for the same period in 2021

29.07.2022 - 16:10

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What’s new? Chinese manufacturer of cryptocurrency mining rigs Canaan intends to open its own mining farm in the United States. According to Canaan senior vice president Edward Lu, joint ventures for cryptocurrency mining will also be launched in the States. The recent increase in taxes for miners in Kazakhstan has forced Canaan to look for new jurisdictions to diversify its business. The US is seen as a more stable country in that regard, Forkast reported.

Information on Forkast's website

What does Lu say? He says the company plans to develop not only the mining business, but also to create new sales channels. Canaan reported net income of $65,5 million in the first quarter of 2022, up from $177 000 in the same period in 2021. He added:

“Today the real output, or revenue, coming from self-mining or joint-mining, are coming from Kazakhstan at the moment, and soon you’ll see other markets as well. Mining in Kazakhstan is doing well and moving faster, and we expect big growth as well.”

What is known about Canaan? The company was founded in 2013 by Nangeng Zhang, headquartered in China. It specializes in blockchain servers and ASIC microprocessor solutions for bitcoin mining. Canaan went public on the U.S. exchange Nasdaq in 2019 under the ticker symbol CAN. As of July 29, 14:25 UTC, the share are trading at $4,14, having lost 2,7% overnight, according to Investing.com.

In early May, Canaan said it had come under scrutiny by the US Securities and Exchange Commission (SEC) because of its cooperation with Beijing. The regulator noted that the company could face delisting from Nasdaq.

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