2 years ago
A Canaan enforcement elaborate the occurrence of its aviator mining operations successful Kazakhstan and shared plans to grow its operations to the U.S. successful an interview.
- ASIC shaper Canaan is acceptable to motorboat bitcoin mining operations successful the U.S.
- The institution precocious started self-mining successful Kazakhstan wherever it has deployed implicit 10,000 miners.
- Ending Q1 2022, the institution earned $213 cardinal successful gross and held astir 167 BTC, valued adjacent to $4 cardinal astatine property time.
Canaan, a planetary person successful bitcoin mining rig manufacturing based successful China, is going to motorboat self- oregon joint-mining operations successful the U.S., according to a study from Forkast.
Previously, the application-specific integrated circuit (ASIC) shaper announced its intentions to participate the bitcoin mining abstraction with a aviator cognition successful Kazakhstan. At that time, Canaan president and CEO Nangeng Zhang expressed the request for the institution to statesman mining itself arsenic a mode to make further gross streams.
"We judge that our self-operated bitcoin mining concern volition assistance america amended our fiscal show arsenic good arsenic grow our concern scope and lawsuit base," Zhang said astatine the clip of the announcement.
Following the aviator announcement, the institution successfully deployed implicit 10,000 AvalonMiner units successful Kazakhstan.
“Mining successful Kazakhstan is doing good and moving faster, and we expect large maturation arsenic well,” Edward Lu, a elder VP of Canaan reportedly said, per the Forkast report.
This further gross stream, arsenic good arsenic erstwhile operations, led to Canaan earning over $213 cardinal successful revenue for the archetypal 4th of 2022.
“Today the existent output, oregon revenue, coming from self-mining oregon joint-mining, are coming from Kazakhstan astatine the moment, and soon you’ll spot different markets arsenic well,” Lu explained.
In May, the Chinese ASIC shaper was placed connected a scrutinized database by the Securities and Exchange Commission (SEC) amid disputes betwixt U.S. and China starring to galore companies facing the aforesaid fate. The SEC cited concerns of the institution utilizing an auditor that the regulatory bureau could not validate oregon investigate.
At that time, Canaan stated it would “continue to comply with applicable laws and regulations successful some China and the U.S., and strive to support its listing presumption connected NASDAQ.”
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