Canaan opened a mining center in Kazakhstan
In early June, Canaan started the first service center in Kazakhstan, and now it has come to a full-fledged turnaround of mining capacities in the country.
Representatives of Canaan, one of the largest miner manufacturers, have joined the general “trend” by opening their own data center in Kazakhstan. The official press release states that the manufacturer will deploy hundreds of flagship ASIC AvalonMiner models, starting mining cryptocurrencies.
According to the company, this decision is primarily due to the volatility of prices for Bitcoin and cryptocurrencies in general, as well as fluctuating demand for equipment. As additional factors, Canaan's head, Nangeng Zhang, noted that this can assist not only accumulate additional assets in the equivalent of Bitcoins but extend the potential client base, increasing the scale of business in Central Asia.
As earlier announced, Canaan achieved $61.5M in revenue in the Q1 of 2021, just below the $68.3M in Q1 of 2020. But, at the same time, significantly higher than the $38.2M generated by the company in the fourth quarter of 2020.
In the future, the Canaan team expects that it is precisely the optimization of resources for mining and the active use of their capacities that can protect the company's business from the volatility of the main crypto asset, providing sufficient reserves to continue activities, even against the backdrop of a bear market.
Hive OS is an ultimate solution for monitoring and administering your ASIC and GPU mining farms.
This review is not an advertisement or a recommendation to action, but merely an informational one. The publisher and the author are not responsible for your decisions.