Canaan incorporation extends its footprint to Kazakhstan

Lens1000

VIP Contributor
Canaan Inc, a bitcoin (BTC) mining software maker, is extending its presence in Kazakhstan by forming new strategic collaborations with a number of crypto mining companies in the nation.

As of Dec. 31, 2021, the Nasdaq-listed business had deployed 10,300 AvalonMiner units in Kazakhstan, completing phase one of its deployment in the Central Asian country. As part of its aspirations to expand outside of China, Canaan is cooperating with local businesses. The corporation, on the other hand, refused to name any of its local partners.

Canaan is situated in Hangzhou, China, but following Beijing's wholesale ban on crypto mining in 2021, the company is looking to expand outside of the nation. During a July earnings call, Canaan's CEO, Zhang Nangeng, spoke out against the mining ban, saying investors that crypto miners make better use of stranded electricity and contribute positively to local employment and the economy.
 
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