Bitcoin mining hardware manufacturer Canaan Inc is growing its footprint in Kazakhstan after signing strategic partnerships with multiple crypto mining firms in the country.
The company announced that it had deployed 10,300 Avalon Miner units in Kazakhstan by the end of 2021, finalizing phase one of its deployment in the central Asian country. Canaan is partnering with local firms as part of its business expansion plans outside of China. However, the company declined to list any of its local partners.
Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its home country following Beijing’s wholesale crackdown on crypto mining in 2021.
With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill the void, offering displaced miners cheap and plentiful coal. By June 2021, the world’s fifth-largest mining pool had set up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a fifth of the world’s Bitcoin mining output.
