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 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.