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Canaan Expands its Mining Operations with Deployment of Over 10,000 Mining Machines -Breaking

by Mike Robinson

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Canaan expands its mining operations with the deployment of over 10,000 mining machines

Canaan Inc. (NASDAQ: CAN) (“Canaan” or the “Company”), a leading high-performance computing solutions provider, today announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan.

The Company launched its last batch of machines in Kazakhstan on December 22nd, 2021. This was the first stage of the Company’s deployment in Kazakhstan. The Company owned a total of 10300 AvalonMiner units for mining in Kazakhstan as of December 31, 2021. As part of its expansion strategy for mining, the Company deploys additional computing power.

Nangeng Zhang (Chairman and Chief Executive Officer, Canaan), commented.

The deployment of more than 10,000 machines to mine Bitcoins not only strengthens our partnership with the leading mining farms in their area, but it also represents our greatest successes in cultivating the business. We are increasing our participation further down the Bitcoin value chains, which will increase the breadth and depth of our global presence as well as consolidating our business operations. By joining forces with miners, we’re excited to use each other’s strengths and to capitalize on the growing digital asset industry.

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