Canaan initiates bitcoin mining operations in Kazakhstan

Bitcoin (BTC-USD) mining machine producer Canaan (CAN) delves into bitcoin mining itself as it continues to sell mining rigs, the company said in a statement.Shares of CAN are up 4.7%.Canaan has deployed its latest Avalon Miner units in Kazakhstan as it seeks to improve its financial performance and expand its business scope and customer base.Canaan points to the recent underperformance in the price of bitcoin, which can impact the business materially as demand from bitcoin miners slow."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," says Canaan Chairman and CEO Nangeng Zhang.As for today, bitcoin rebounds to $34K after crashing below $30K just yesterday.Previously, (June 16) Canaan secures an order for 10K bitcoin mining machines.