Canaan to begin Bitcoin mining in the United States

Bitcoin mining equipment maker Canaan plans to open a cryptocurrency mining facility in the United States. This was disclosed by the company’s vice president Edward Lu in an interview with Forkast.

“Current income from solo or pooled mining is coming from Kazakhstan, but you will soon see other markets,” Lu said.

The firm launched Bitcoin mining in a Central Asian country in June 2021, gradually expanding capacity.

“Mining in Kazakhstan is going well and growing faster than expected,” said a senior Canaan executive.

According to Lu, the next step is a presence in the United States, both for mining cryptocurrencies and for selling equipment.

In April, while presenting the new ASIC miner Bitcoin Avalon 1266, the vice president said he planned to explore opportunities for the business in various states across the country.

In May, the US Securities and Exchange Commission added Canaan to a preliminary list of Chinese companies subject to delisting on American exchanges due to discrepancies in audit reports.

The manufacturer then said that it “will continue to comply with applicable laws and regulations in both China and the United States.”

As of writing, Canaan’s shares were still trading on Nasdaq. The pre-market valued the stock at $4.29.

The company was the first among miners to go public, listing 10 million ADS at $9 in November 2019. The stock had fallen to below $2 in the summer–autumn 2020.

In the first quarter, Canaan reported gross profit of $130.9 million. The figure rose year over year by 327%, and the company noted the mining business’s contribution to its growth.

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