Kanaan is expanding mining operations in Kazakhstan at power deficit, protests-mining Bitcoin messages
Kanaan is expanding mining operations in Kazakhstan at power deficit, protests-mining Bitcoin messages
The hardware manufacturer Canaan is expanding its crypto mining activities in Kazakhstan. In the meantime, the company is cooperating there with several mining companies and, despite the challenges of the country's power supply, has already used over 10,000 hardware. Increased energy prices have also provoked protests that could possibly affect the industry.
Kanaan secures mining agreements with companies in Kazakhstan
Cooin mining equipment, which was rooted in China, has announced that they have made cooperation agreements with several crypto mining companies in Kazakhstan. In the middle of a continued approach to the crypto mining industry in the People's Republic, the Central Asian country with its low electricity tariffs and its generally friendly attitude to a magnet for miners has become.
In a press release published on Tuesday, the company announced that it successfully installed the last batch of mining machines for the first phase of its use in Kazakhstan. Canaan found that according to its expansion plan for the mining business, it continues to provide additional computing power and explained:
As of December 31, 2021, the company had a total of 10,300 avalonmine units in mining companies in the country.
"The use of over 10,000 mining machines not only deepens our cooperation with leading local mining farms, but also marks our great success in our cultivation of the Bitcoin mining business," commented Canaan CEO Nangeng Zhang. "We are pleased to use each of our respective strengths and resources through the cooperation with mining companies to maximize profits and benefit from the growth of the industry for digital assets," added the manager.
Kanaan is one of the numerous mining companies that tried to shift their equipment to cheaper legal systems after the Chinese government has a nationwide insulting against the mining sector in May last year. The list contains names such as Bitfufu, a mining company that is supported by another large manufacturer of application-specific integrated circuits (ASIC) -Irs, Bitmain.
Some crypto miners leave Kazakhstan because rising energy prices trigger protests
Kazakhstan, which has held on limited electricity tariffs and has taken steps to regulate the sector, At first greeted Miner and became an obvious choice for many of them. However, last year's inflom The mining company has causes a growing electricity deficit in the first three quarters 2021 7 %
A recently published report showed that some mining companies already of the country in search of targets with a stable power supply. In the meantime, the Kazakh government is looking for paths to meet the shortage of electricity, among other things by reviving a decades of project to build a nuclear power plant. In the normally high -energy country, protests against the government occurred in the first days of the new year after the natural gas prices rose. The unrest could potentially hit the energy-intensive mining industry and members of the international crypto community are already Warning Miner to ensure your safety. In an attempt to bring the situation under control, President Kassym-Jomart Tokayev issued an order to limit petrol, fuel and food prices and blamed the government for the protests. The ministerial cabinet has resigned. In November, Tokayev required " urgent "regulation Crypto mining sector of the country, which emphasizes the need to ensure an uninterrupted power supply for companies and households. Do you believe that more companies will follow the example of the example of Kanaan's example or will we experience an exodus of crypto miners from Kazakhstan? Tell us in the comment area below. Bedy verification : Shutterstock, Pixabay, Wiki Commons 