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Canaan expands crypto mining operations in Kazakhstan

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Canaan, which is a leading bitcoin mining hardware company, announced its strategic collaboration with crypto mining companies in Kazakhstan to strengthen joint mining business in the region. 

Canaan enters into strategic partnerships with Kazakh crypto-extraction companies.

canaan on tuesday announced that it had successfully deployed 10,300 avalonMiners units in Kazakhstan. As of December 31, 2021, the company had officially finalized the first phase of its deployment trajectory in the region. 

according to the press release, canaan will be entering into strategic alliances with multiple crypto mining firms as part of its expansion plan. The company, however, did not list the local companies with which it intends to work. 

“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.” as stated by nangeng zhao, chairman, and ceo of canaan. 

Founded in 2013, canaan is a nasdaq listed bitcoin mining manufacturing company that focuses on designing and searching for asic high-performance computer chips to direct the development of crypto mining equipment.  

Kazakhstan is emerging as the leader for failed Bitcoin minors.

kazakhstan has emerged as of the top spots for bitcoin mining, after russia and the usa. After china's crypto repression, numerous evicted bitcoin miners found refuge in kazakhstan, where the region's cheap electricity prices has acted as a catalyst for them to exploit bitcoin with minimal external interference. 

Electricity prices in Kazakhstan are the lowest in any country. the average electricity consumption in the region amounts to nearly $0.041 per kwh for households. 

recently, the country has also been facing frequent electricity shortages owing to extensive crypto mining practices that are being conducted in the region. according to the issued by the energy ministry of kazakhstan, the country’s electricity demand jumped 8% in 2021, fueling continuous power blackouts in the region. 

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