Bitcoin (BTC) mining hardware manufacturer Canaan Inc is expanding its footprint in Kazakhstan after signing new strategic partnerships with multiple crypto mining firms in the country.\u00a0<\/p>\n
The Nasdaq-listed company announced Tuesday that it had deployed 10,300 AvalonMiner units in Kazakhstan as of Dec. 31, 2021, finalizing phase one of its deployment in the central Asian country. Canaan is partnering with local firms as part of its business expansion plans outside of China. However, the company declined to list any of its local partners. <\/p>\n
Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its home country following Beijing\u2019s wholesale crackdown on crypto mining in 2021. Zhang Nangeng, Canaan\u2019s CEO, spoke out against the mining ban during an earnings call in July, telling investors that crypto miners make better use of stranded electricity, and contribute positively to employment and the local economy. <\/p>\n
With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill the void, offering displaced miners cheap and plentiful coal. By June 2021, the world\u2019s fifth-largest mining pool had set up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a fifth of the world\u2019s Bitcoin mining output. <\/p>\n