Canaan Starts Bitcoin Mining in Kazakhstan

Chinese maker of mining equipment Canaan Creative has launched its first own Bitcoin mining operation.

According to a press release, the Avalon ASIC miners installed at the farm in Kazakhstan are already in operation.

“Excited to share that we’re expanding into crypto mining! Logical next step in enabling us to optimize our revenues, as well as strengthen our inventory management and supply chain capabilities.https://t.co/Yt0xETFdaE pic.twitter.com/BxqhYvEWgF

— Canaan (@canaanio) June 23, 2021

“We believe that our own Bitcoin mining business will help us improve our financial performance, as well as expand our scope of operations and client base,” said Canaan CEO Nangen Zhang.

Integrating resources into the new venture will enable the manufacturer to balance its equipment inventories, the head of Canaan said.

According to him, mining is also intended to hedge against Bitcoin volatility and ensure sufficient inventories of miners for sale during market upswings.

Earlier in Kazakhstan, Canaan opened its first after-sales service center outside of China.