Major Chinese crypto miner provider Canaan has published an official update on its cryptocurrency mining business in Kazakhstan amid the continuing crackdown on Bitcoin (BTC) mining in China.
The company announced on June 21 that it has rolled out its mining operations in Kazakhstan using its newest Avalon Miner units. It had set up a service center in the country sometime earlier this month.
Canaan’s shift to Kazakhstan comes as a portion of the firm’s wider strategic plans in the nation. Previously, the company opened its first overseas service center in the new country to offer local clients after-sales services including warranty services, machine testing, maintenance, and technical consultations.
Nangeng Zhang, Canaan chairman and CEO, said that the company’s debut of a self-operated BTC mining business will assist in improving the company’s financial performance. Zhang said:
“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.”
In recent weeks, China has been making its stand on crypto more severe, with the government shutting down crypto mining operations taking place in Xinjiang, Inner Mongolia, Sichuan, Yunnan, and Qinghai.
While responding to the crackdown, several Chinese crypto mining operators have now considered or have already relocated to the other nations, with one of the major mining pools, BTC.com successfully relocating the first batch of its miners to Kazakhstan on Monday.
Bitmain is allegedly moving overseas to continue with its mining operations. Based on information by Chinese journalist Colin Wu, the company announced a full relocation abroad on June 22.