Canaan, the major Chinese cryptocurrency miner provider, has rolled out its own crypto mining business in Kazakhstan with its latest Avalon Miner units.
It has been reported that the firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country. Previously, Canaan opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultations.
Nangeng Zhang, the chairman and CEO of Canaan, said that the firm’s debut of a self-operated Bitcoin mining business will help improve the company’s financial performance.
“As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns.”
However, in recent weeks China has been hardening its stance on crypto, with the government shutting down crypto mining operations in Sichuan, Yunnan, Xinjiang, Inner Mongolia, and Qinghai.
Thus, the report said that in response to the crackdown, a number of Chinese crypto mining operators have considered or have already relocated to other countries, with major mining pool BTC.com successfully relocating the first batch of its miners to Kazakhstan earlier this week.