Bitcoin miner Canaan rolls out in Kazakhstan

Canaan BallHas China made a mistake and is it likely to pay dearly for it by deciding to drive minors out of its territory? This producer of mining machines has decided to strengthen its presence in Kazakhstan, where the regulatory climate is currently more favorable to miners.

More than 10,000 miners in Kazakhstan: Canaan expands outside of China

Nasdaq-listed mining equipment maker Canaan announced in a communicated of January 4, 2022, the upload of the last batch of mining machines in Kazakhstan on December 22, 2021, and the deployment of 10,300 AvalonMiner as of December 31, 2021 in the country.

Canaan has also “entered into strategic collaboration agreements” with local mining companies, to jointly carry out mining activities in Kazakhstan. These achievements complete the first phase of Canaan’s deployment in the country.

The Canaan bitcoin miner

Canaan is based in Hangzhou but the company wants to expand outside of China following the crackdown on cryptocurrency miners in the country. Canaan CEO Zhang Nangeng had at the time defended minors, explaining to investors that they are making good use of unused electricity, while contributing positively to the economy and creating local jobs.

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China’s gift to Kazakhstan, Thailand, and other countries

China’s decision to ban cryptocurrency mining has benefited other countries such as Kazakhstan, which has taken in many exiled minors. The fifth major mining pool settled in Kazakhstan in June 2021. The country concentrated around 20% of global bitcoin mining in July 2021.

Thailand has also benefited from China’s exit from the mining chessboard. One entrepreneur based in Thailand was able to recoup his $ 30,000 investment to create a mining unit in just three months, while another sold hundreds of Chinese ASIC miners to local companies, profiting from the drop in ASICs following stopping mining in China.

Canaan therefore relies on Kazakhstan despite the measures taken by the government to reduce electricity consumption by miners, and in particular those not registered.

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