Canaan said on Monday that it has begun operating its own cryptocurrency mining operation in Kazakhstan, utilizing its latest Avalon Miner machines.
After establishing a service centre in Kazakhstan earlier this month, Canaan has commenced mining Bitcoin with its newest Avalon Miner devices.
Despite China’s ongoing restrictions on Bitcoin (BTC) mining, Canaan, a major Chinese cryptocurrency miner, has published an update on its crypto mining activities in Kazakhstan.
Canaan’s relocation to Kazakhstan was part of its broad strategic goals in the country. Canaan established its first foreign service center in Kazakhstan earlier this month to provide after-sales services such as machine testing, warranty services, repair, and technical consulting to local clients.
Nangeng Zhang CEO and Chairman of Canaan, stated that the company’s launch of a self-operated BTC mining business will enable the company enhance its financial performance.
“ As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns,” said Nangeng Zhang.
China’s position on cryptocurrency has tightened in recent weeks, with crypto mining operations being shut down in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai.
As a result of the crackdown, a number of Chinese crypto mining companies are considering or have already transferred their operations to foreign countries, with prominent mining pool BTC.com successfully transferring its first batch of miners to Kazakhstan earlier this week.
Bitmain is apparently transferring its mining operations to another country. The company stated a full relocation abroad on Tuesday, according to Chinese journalist Colin Wu.
