Chinese mining hardware manufacturer Canaan Inc. has established new strategic partnerships in Kazakhstan. The Nasdaq-listed company announced Tuesday that an impressive 10,300 units of “AvalonMiner” have been used since December 31, 2021. This would conclude the first phase of expansion in the Central Asian country. However, the communication does not reveal which Canaan company is doing a common cause.
By further expanding our participation in the Bitcoin value chain, we are increasing the depth and breadth of our global presence and at the same time consolidating our business activities. We look forward to working with mining companies to leverage our respective strengths and resources to maximize profits and capitalize on the growth of the digital asset industry.
said Nangeng Zhang, president and CEO of Canaan.
Kazakhstan is increasingly important to the mining scene.
The company is based in Hangzhou, China. However, due to the extensive mining ban in China, Canaan is now expanding to other countries. Nangeng used the earnings announcement in July to speak out against the mining ban. He explained to investors that crypto miners can make better use of excess electricity. They also made a positive contribution to employment and the local economy.
Kazakhstan, which borders China, is now gradually preparing to gain the importance of the neighboring state in terms of crypto. The advantages are obvious. The climatic conditions are favorable. Coal is abundant and relatively cheap. Kazakhstan now accounts for around a fifth of the world’s Bitcoin production. BTC-ECHO has already reported that in China, despite the ban, mining continues on a large scale.