Canaan Obtains Bitcoin Mining License in Kazakhstan
Date: 2023-12-01 Author: Dima Zakharov Categories: IN WORLD
Canaan's Licensing in Kazakhstan
Canaan, a notable player in the realm of cryptocurrency mining, secured a license in Kazakhstan in mid-November. The company's latest financial report for the third quarter of 2023 unveiled this development, signaling their foray into cryptocurrency mining activities within the country.
Reviving Operations with Partners
Teaming up with strategic partners, the mining equipment manufacturer intends to recommence operations at its mining farms by the conclusion of 2023. This initiative comes after the temporary cessation of mining activities due to regulatory requirements.
Financial Downturn and Closure
The company faced a substantial decline in revenue from mining operations during the third quarter of 2023, recording a staggering 79.5% drop compared to the second quarter. This downturn primarily stemmed from the closure of mining farms in Kazakhstan, impacting Canaan's overall financial performance.
Canaan's Journey in Kazakhstan
Canaan initially embarked on cryptocurrency mining operations in Kazakhstan under the brand name Avalon Made back in June 2021. However, in July 2023, the company deactivated equipment in the country, amounting to a collective hash rate of 2 EH/s. Subsequently, following the enforcement of mandatory licensing requirements in August, Canaan temporarily halted its Bitcoin mining capacities in the republic.
