Chinese Crypto Miner Canaan Relocates to Kazakhstan
Canaan, a major Chinese cryptocurrency miner, has made an announcement on its crypto mining operations in Kazakhstan, despite China’s continued clamp down on Bitcoin (BTC) mining. Canaan said on Monday that it has begun operating its own cryptocurrency mining operation in Kazakhstan, utilizing its newest Avalon Miner machines.
The company’s entry to Kazakhstan is a key to its larger strategic objectives in the nation. Canaan launched the very first foreign support center in Kazakhstan earlier this month to provide after-sales services such as equipment inspections, warranty support, servicing, and technical advice to local clients.
Canaan chairman and CEO Nangeng Zhang stated that the firm’s introduction of a self-run Bitcoin mining operation will assist the company enhance its profitability. “We think this category will help us to revive our mining machine stockpile, insulate us from Bitcoin fluctuation, and assure our inventory adequacy during market upswings as we incorporate additional industry expertise into our operational activities,” he added.
China’s position on cryptocurrency has hardened in recent times, with crypto mining activities being shuttered in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai. As a result of the clampdown, a number of Chinese crypto mining companies are considering or have just moved their operations to abroad, with prominent mining pool BTC.com successfully moving its first load of miners to Kazakhstan earlier this week.
Bitmain is apparently relocating its mining operations to another country. The business revealed a complete work overseas on Tuesday, as per Chinese writer Colin Wu.
In addition, Bitmain has announced a full overseas transfer, and some high-level employees are moving overseas.
— Wu Blockchain (@WuBlockchain) June 23, 2021