Chinese crypto mining firm Canaan sets up unit in Kazakhstan

The firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country.

Chinese crypto mining firm Canaan sets up unit in Kazakhstan

Canaan has posted an update on its crypto mining business in Kazakhstan amid an ongoing crackdown in China. 

The firm announced on Monday that the company has rolled out its own crypto mining business in Kazakhstan using its latest Avalon Miner units. 

The mining service provider previously opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultations.

Canaan chairman and CEO Nangeng Zhang said that the firm’s debut of a self-operated Bitcoin mining business will help improve the company’s 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,” he said.

China has been hardening its stance on crypto in recent times, with the government shutting down crypto mining operations in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai.

In response to the crackdown, many crypto mining operators within the country have considered or have already relocated outside, with major mining pool successfully relocating the first batch of its miners to Kazakhstan earlier this week.

Read: Bitcoin hash rate hits 8-month low as mining operations shut down in China