Canaan to expand mining business in Kazakhstan, enters strategic deals

Canaan to expand mining business in Kazakhstan, enters strategic deals

Canaan, a Chinese crypto mining rig maker, announced Tuesday that it has entered into multiple strategic deals with crypto mining firms based in Kazakhstan. The rig maker did not disclose the names of its local partners.

As per the announcement, the ASIC miner currently has over 10,300 AvalonMiner units operating throughout the central Asian country. With the new strategic deals, Canaan will expand its footprint in Kazakhstan, a country that saw an influx of miners after China banned mining operations across its borders.

Canaan, which is also China-based, has been looking at diversifying its business in other countries after the government launched a widespread crackdown on mining rigs. It previously supplied 2,000 ‘Avalon’ mining rigs to Kazakhstan in November 2021.

Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, said in a statement:

“As we expand our involvement further down the Bitcoin value chain, we are enhancing the depth and width of our global presence while solidifying our business operations. 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.”

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