Canaan supplies 2,000 mining rigs to Kazakhstan miners - OhNo WTF Crypto

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Canaan supplies 2,000 mining rigs to Kazakhstan miners


Major Chinese crypto rig maker Canaan has recently supplied 2,000 ‘Avalon’ mining rigs to Kazakhstan, Coindesk reported Monday, citing a press release.

Kazakhstan has become a haven for Chinese miners ever since China imposed a stringent ban on cryptocurrencies. The ban forced several miners and crypto operators to shift their operations to several other countries, Kazakhstan becoming the most popular.

Canaan’s major delivery to Kazakhstan came after the company announced in June that it is seeking to diversify its mining business in the Central American country. “During a period of lull, the mining business will benefit from taking full advantage of the availability of … in-stock mining machines to be actively deployed in … mining operations at low electricity rates,” the company said at the time.

The press release noted that the mining rigs would arrive in batches throughout the week, and Canaan’s local subsidiary in Kazakhstan would start joint operations soon after.

The company has recently boosted its self-mining capacity after operating 32,000 terahash per second (TH/s). It plans to increase its hashrate by 850,000 TH/s “in the near term,” the report read.

The post Canaan supplies 2,000 mining rigs to Kazakhstan miners appeared first on Our Bitcoin News.

OhNoCryptocurrency via @Gauri Bhatia, @Khareem Sudlow