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Leading Chinese Mining Company Canaan Will Start Operations in New Country

Wed, 06/23/2021 - 10:11
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Alihuseyn Gulu-Zada
After China's scandalous decision on Bitcoin, Canaan mining company will start operating in another country.
Leading Chinese Mining Company Canaan Will Start Operations in New Country
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Canaan, one of the largest miner producers in the Bitcoin industry, announced on Wednesday that it will start mining Bitcoin in Kazakhstan. The company will use self-developed devices to generate Bitcoin.

The China-based miner manufacturer, which has offices in Beijing and Hangzhou, will continue to sell ASIC devices to miners, while conducting its own mining operations in Kazakhstan.

Founded in 2013, Canaan expects this to expand the company's corporate scale and client base. It is stated that the company has already started shipping Avalon model devices that it will use for mining.

Nasdaq-listed Canaan reported net income of $61.5 million in the first quarter of this year, generating almost 6x more revenue (in yuan terms) than the same period of the previous year.

The company, which had only earned income from mining equipment, was therefore dependent on a single source of income. In another press release published on June 7, Canaan announced that it will open its first customer service abroad in Kazakhstan, where customers will be provided with testing and maintenance services.

Canaan CEO Zhang Nangeng challenged China's restrictions on cryptocurrency mining, saying earlier this month that "Bitcoin miners provide employment in poor areas." The post-soviet country of Kazakhstan continues to be one of the frequent destinations of miners after the restrictions imposed in China.

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.