Canaan installed 2 thousand mining farms in Kazakhstan

Mining giant Canaan has expanded the geography of its presence in Kazakhstan. A mining farm with 2 thousand Avalon units has been created on the territory of the country. The Chinese company was forced to take such a step after the ban on mining in China.

Canaan CEO Nangeng Zhang said the company intends to integrate more industrial resources into its operations. This will serve as a hedge against bitcoin volatility and to ensure that mining capacity is sufficient during a growing market.

The launch of the Kazakh branch will take place in the near future. Its total capacity will be 32 thousand TH / s. Also this week it is planned to install additional mining rigs, thanks to which the farms will be able to generate up to 1.8 EH / s.

Also, in the near future, Kazakhstan will start developing a strategy for the regulation of cryptocurrencies. The authorities had to take such a step because of the energy crisis in the country. In the coming years, this will ensure the receipt of over 300-400 million taxes in the treasury.

Kazakhstan's share in the global bitcoin hash rate has doubled since May 2021. The country is currently grappling with an energy shortage, the demand for which has changed from 1-2% at the beginning of 2021 to 7% as of September 2021.

In the summer, rolling power outages took place throughout the country. Even residents of Almaty, the largest city in Kazakhstan, were without light for hours.

To solve the problem, the Ministry of Energy decided to ration the supply of energy to miners. On the agency's website on October 1, 2021, a draft law was published on limiting the upper limit of energy consumption by miners to 100 MW for 24 months. It is planned to be accepted by the end of the year.

However, according to experts, this will not solve the problem of illegal mining. It is necessary to finalize the regulation system in order to bring everyone who mines cryptocurrencies out of the shadows.

Hive OS  is a one-stop solution for control, monitoring, administration of your mining farms and mining pool.

Subscribe to our  Telegram  ,  Twitter  and  Facebook  to be the first to know about cryptocurrency news!