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Canaan expands crypto mining operations in Kazakhstan

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Canaan, which is a number one Bitcoin mining {hardware} firm, introduced its strategic collaboration with crypto mining companies in Kazakhstan to bolster the joint mining enterprise within the area. 

Canaan enters into strategic alliances with Kazakh crypto mining companies

Canaan on Tuesday introduced that it had efficiently deployed 10,300 AvalonMiner models in Kazakhstan. As of December thirty first, 2021, the corporate had formally finalized section one in every of its deployment trajectory within the area. 

In response to the press launch, Canaan will probably be coming into into strategic alliances with a number of crypto mining companies as a part of its enlargement plan. The corporate, nevertheless, has not listed the names of any native companies that it intends to collaborate with. 

“The deployment of over 10,000 mining machines not solely deepens our collaboration with main native mining farms but in addition marks our nice strikes in our cultivation of the Bitcoin mining enterprise. Becoming a member of arms with mining companies, we’re excited to leverage every of our respective strengths and assets to maximise income and capitalize on the expansion of the digital property business.” As said by Nangeng Zhao, Chairman, and CEO of Canaan. 

Based in 2013, Canaan is a Nasdaq-listed Bitcoin mining producer firm that focuses on ASIC high-performance computing chip design and analysis to spearhead the event of crypto mining gear.  

Kazakhstan emerges as a number one spot for stranded Bitcoin miners

Kazakhstan has emerged as one of the highest spots for Bitcoin mining, after Russia and the USA. Following crypto clampdown in China, many ousted Bitcoin miners discovered refuge in Kazakhstan, the place the area’s low cost electrical energy costs acted as a catalyst for them to mine Bitcoin with minimal exterior intervention. 

The costs of electrical energy in Kazakhstan are the bottom as in comparison with different international locations. The common electrical energy consumption within the area quantities to just about $0.041 per kWh for households. 

Just lately, the nation has additionally been going through frequent electrical energy shortages owing to in depth crypto mining practices which might be being performed within the area. In response to the experiences issued by the vitality ministry of Kazakhstan, the nation’s electrical energy demand jumped 8% in 2021, fueling steady energy blackouts within the area. 

Posted In: Kazakhstan, Mining

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