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Bitcoin ASIC shaper Canaan has launched aviator accumulation successful the US and dropped its AI spot business, signaling a strategical pivot to halfway crypto operations.
Bitcoin mining application-specific integrated circuit (ASIC) shaper Canaan has completed a aviator accumulation tally successful the US and abandoned its AI hardware manufacturing efforts.
In a connection sent to Cointelegraph connected Monday, a Canaan typical said the steadfast “has successfully completed a aviator accumulation tally successful the US,” replicating its Malaysia-based operations. Canaan besides announced the discontinuation of its AI semiconductor concern connected Monday successful what it said is “a strategical realignment aimed astatine sharpening its focus.”
“I judge that doubling down connected our halfway strengths successful crypto infrastructure and Bitcoin mining is the astir strategical way guardant for Canaan,” said Nangeng Zhang, president and CEO of Canaan.
A Canaan typical acknowledged that accumulation costs are higher successful the US, but said that the institution views “this inaugural not conscionable arsenic a hedge against tariffs but arsenic a imaginable strategical concern successful semipermanent resilience.”
Producing person to the North American market, the steadfast added, volition assistance amended transportation cycles, respond faster to section demand, and navigate aboriginal geopolitical oregon regulatory shifts.
Canaan controls 2.1% of the Bitcoin mining ASIC market. Source: Cambridge Digital Mining Industry ReportThe statements travel caller reports that Bitmain, Canaan and MicroBT — which collectively nutrient astir of the world’s Bitcoin mining ASICs — are bringing accumulation to the US.
Related: The quiescent ascent of at-home Bitcoin mining — Interview with Canaan
Canaan’s US foray is simply a semipermanent effort
Canaan’s typical noted that producing Bitcoin mining ASICs successful the US is portion of a semipermanent effort, and is much than conscionable a effect to tariffs:
“We’re actively moving to optimize our US outgo operation with the extremity of limiting accumulation costs.“The typical said the company’s products manufactured successful Malaysia are presently taxable to a 10% tariff. When it comes to imported components and earthy materials, the tariffs are little clear, which makes disbursal readying difficult.
For this reason, Canaan’s US enlargement “will yet beryllium connected achieving commercialized viability done a operation of outgo management, lawsuit request and clarity astir the tariff environment.”
Related: Bitcoin ASIC shaper Bitmain expands accumulation enactment into US
Canaan promises compliance
The institution addressed imaginable concerns implicit U.S. nationalist information standards, highlighting that its devices shipped to the United States are produced successful Malaysia and certified by section authorities. The typical added:
“Should we grow our US accumulation further, we mean to guarantee that our operations align with evolving U.S. standards for exertion and security.”The comments travel aft the US Customs and Border Protection Agency halted the delivery of thousands of Bitmain ASICs successful November 2024, pursuing an probe by US authorities into Chinese spot designer Xiamen Sophgo implicit an alleged concern relationship with US-sanctioned telecommunications steadfast Huawei. The devices were only recently released.
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