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. UTC
Updated Nov 22, 2021 at 3:35 p.m. UTC

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

CoinDesk - Unknown

Eliza Gkritsi is CoinDesk's crypto mining reporter based in Asia.

Trending

1
CoinDesk - Unknown
After the Terra Meltdown: What's Next for Stablecoins?

The largest token collapse in crypto history. So let Luna die.

The largest token collapse in crypto history. So let Luna die.

CoinDesk - Unknown
2
CoinDesk - Unknown
5 Key Takeaways From a16z's State of Crypto Report

The venture firm is extremely bullish on Web 3.

The venture firm is extremely bullish on Web 3.

CoinDesk - Unknown
3
CoinDesk - Unknown
Regulators Are Paying Attention to UST

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

The collapse of terraUSD (UST) is algorithmic stablecoins’ Libra moment.

CoinDesk - Unknown
4
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown