By | January 4, 2022

Chinese language crypto mining rig maker Canaan entered into strategic collaborations with a number of mining corporations in Kazakhstan because it seems to additional develop its presence within the central Asian nation.

  • As of Dec. 31, Canaan had 10,300 AvalonMiners in operation in Kazakhstan, the agency introduced on Tuesday.
  • Canaan is now collaborating with native corporations to type a joint-mining enterprise in Kazakhstan as a part of its migration away from its native China following the crackdown on the business there final spring.
  • The agency didn’t instantly reply to CoinDesk’s request to call its native companions.
  • Canaan had deployed 2,000 mining rigs in Kazakhstan in direction of the tip of final 12 months. It operated 32,000 terahash per second (TH/s) of computing energy and plans to operationalize 850,000 TH/s “within the close to time period,” the corporate stated in November.
  • Kazakhstan is among the many most most well-liked places for mining corporations due to its abundance of low-cost electrical energy. Nevertheless, the sudden inflow of crypto miners final 12 months overwhelmed components of the nation’s electrical grid.
  • The Kazakh authorities has been seeking to limit the business within the nation forcing many miners to start out looking for a brand new house.

Learn extra: Miners Look Away From Kazakhstan for Development Alternatives

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