CCT - Crypto Currency Tracker logo CCT - Crypto Currency Tracker logo
Seeking Alpha 2021-11-22 12:35:25

Canaan delivers 2,000 mining rigs to its Kazakhstan for its crypto mining ops

Canaan (NASDAQ:CAN), a Beijing-based maker of bitcoin mining equipment, delivered 2,000 of its Avalon mining rigs to Kazakhstan, CoinDesk reports, citing a press release. The delivery comes after Canaan (CAN) had announced in June that it would diversify its mining business into Kazakhstan, given China's move to outlaw bitcoin mining and trading. After the delivery, Canaan's overseas-registered unit in Kazakhstan will start joint operations and expects more mining equipment to arrive throughout the week, the article said. The company plans to operate 850,000 terahash per second "in the near term" and currently operates 32,000 TH/s. Previously (Oct. 29), Canaan nabs follow-on purchase order from HIVE.

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.