ASIC Maker Canaan Delivers 2,000 Mining Rigs to Kazakhstan
Canaan plans to deploy 850,000 TH/s in the near term.
Nov 22, 2021 at 10:24 a.m. UTCUpdated May 11, 2023 at 5:51 p.m. UTC
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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.
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Eliza Gkritsi is a CoinDesk contributor focused on the intersection of crypto and AI.