Canaan Inc. expands its footprint in Kazakhstan's mining industry, collaborating with the top three companies to deploy over 10,000 mining machines.

Chinese mining company Canaan (CAN.US) has announced strategic cooperation agreements with multiple cryptocurrency mining companies, actively deploying in Kazakhstan. They have signed multiple transaction agreements in Kazakhstan, with 10,300 AvalonMiner devices from Canaan operational in Kazakhstan as of December 31.

In the spring of last year, China began to clear out miners. Canaan Technology actively moved out of China and, after a period of consolidation in the second half of the year, the United States became the world's largest mining center. Russia and Kazakhstan also started to rise, and various countries in South America have emerged as dark horses with the potential to become new players.

In November of last year, Canaan Technology deployed 2,000 mining equipment in Kazakhstan, accelerating expansion in the last month. Canaan Technology hopes that the computing power can increase from 32,000 TH/s to 850,000 TH/s in the short term.

One of the reasons why Kazakhstan has become one of the world's important mining centers is its abundant supply of cheap electricity. However, due to the influx of a large number of mining companies following China's clearance, Kazakhstan experienced difficulties last year, leading to some power grids being overloaded.

Currently, the top three customers in Kazakhstan cooperating with Canaan Technology are all large companies authorized by the Kazakhstan Ministry of Energy.

This article is authorized and reprinted from Horizon News Network