Canaan secures Bitcoin mining licence in Kazakhstan

In mid-November, the cryptocurrency mining company Canaan received a licence in Kazakhstan to carry out cryptocurrency mining activities. This is stated in the финансовом отчете for the third quarter of 2023.

Together with its partners, the mining equipment maker plans to resume operations of the farms by the end of 2023.

The company’s revenue from mining activities in the third quarter of 2023 amounted to $3.3 million, down 79.5% from the second quarter results. The sharp decline was, in particular, due to the closure of centers in Kazakhstan.

Canaan began cryptocurrency mining operations in Kazakhstan in June 2021 under the Avalon Made brand.

In July 2023, the company shut down equipment with a total hash rate of 2 EH/s in the country, and from August it temporarily stopped Bitcoin mining capacity in the republic after the mandatory licensing requirements came into force.