ASIC Maker Canaan Delivers 2,000 Mining Rigs to Kazakhstan

·1 min read

Crypto mining rig maker Canaan delivered 2,000 Avalon mining rigs to Kazakhstan, according to a press release shared with CoinDesk on Monday.

  • The Chinese rig manufacturer announced in June that it would be diversifying its mining business in Kazakhstan in the wake of China’s crackdown on the industry.

  • Following the delivery, Canaan’s overseas-registered entity in Kazakhstan will start joint operations, and expects more batches to arrive throughout the week, the press release said.

  • The company currently operates 32,000 terahash per second (TH/s) of computing power and plans to operationalize 850,000 TH/s “in the near term,” according to the press release.

  • Canaan plans to deploy 1.8 exahashes per second in total, said CEO and chairman Nangeng Zhang on its Q3 earnings call according to The Block.

  • Kazakhstan has been working on new regulation to deal with the influx of miners following the crackdown in China.

Read more: Kazakhstan’s Crypto Miners Face New Regulations After Contributing to Power Shortages

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