Bitcoin ASIC Maker Canaan To Launch U.S. Mining Operations

Bitcoin ASIC Maker Canaan To Launch U.S. Mining Operations
фото показано с : bitcoinmagazine.com

2022-7-30 18:31

A Canaan executive detailed the success of its pilot mining operations in Kazakhstan and shared plans to expand its operations to the U.S. in an interview.

ASIC manufacturer Canaan is set to launch bitcoin mining operations in the U.S. The company recently started self-mining in Kazakhstan where it has deployed over 10,000 miners.Ending Q1 2022, the company earned $213 million in revenue and held almost 167 BTC, valued close to $4 million at press time.

Canaan, a global leader in bitcoin mining rig manufacturing based in China, is going to launch self- or joint-mining operations in the U.S., according to a report from Forkast.

Previously, the application-specific integrated circuit (ASIC) manufacturer announced its intentions to enter the bitcoin mining space with a pilot operation in Kazakhstan. At that time, Canaan chairman and CEO Nangeng Zhang expressed the need for the company to begin mining itself as a way to create additional revenue streams.

"We believe that our self-operated bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base," Zhang said at the time of the announcement.

Following the pilot announcement, the company successfully deployed over 10,000 AvalonMiner units in Kazakhstan.

“Mining in Kazakhstan is doing well and moving faster, and we expect big growth as well,” Edward Lu, a senior VP of Canaan reportedly said, per the Forkast report.

This additional revenue stream, as well as previous operations, led to Canaan earning over $213 million in revenue for the first quarter of 2022.

“Today the real output, or revenue, coming from self-mining or joint-mining, are coming from Kazakhstan at the moment, and soon you’ll see other markets as well,” Lu explained.

In May, the Chinese ASIC manufacturer was placed on a scrutinized list by the Securities and Exchange Commission (SEC) amid disputes between U.S. and China leading to many companies facing the same fate. The SEC cited concerns of the company using an auditor that the regulatory agency could not validate or investigate.

At that time, Canaan stated it would “continue to comply with applicable laws and regulations in both China and the U.S., and strive to maintain its listing status on NASDAQ.”

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Speed Mining Service (SMS) на Currencies.ru

$ 1.9622 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $1.9622 - H: $1.9622
Капитализация $205.406k Rank 99999
Доступно / Всего 104.68k SMS

operations mining canaan kazakhstan interview shared plans

Источник: bitcoinmagazine.com

operations mining → Результатов: 126


Фото:

China’s Inner Mongolia to Drive Out Cryptocurrency Miners

Authorities in China’s autonomous region of Inner Mongolia released a notice requiring local cryptocurrency mining firms to stop their operations, according to ChainNews. Is Inner Mongolia Starting a Trend Among China’s Authorities? China has enjoyed that status of the world’s hub for cryptocurrency mining since it hosts a good share of crypto miners who’re looking for cheap electricity.

2019-9-16 16:00


Фото:

5 Key Concepts from Day One at Bitcoin Cash City

With day one of North Queensland’s Bitcoin Cash City all wrapped up, conference attendees were left with an overflow of big ideas to distill, process, and potentially integrate. These include underwriting merchant adoption, building tech parks and mining operations, BIP70 applications, separation of money and state, government applications of crypto, user experience, and regulation.

2019-9-5 08:07


Heavy Rains In China Force Bitcoin Miners To Stop Their Operations

Heavy rainfall in China’s Sichuan province has triggered land and mudslides leading to various local hydropower stations and Bitcoin mining farms to suspend their operations. Sichuan’s mountainous areas of Aba prefecture has been receiving heavy rains since Monday and local government now says landslides have now affected 17 counties in the area. There are several […]

2019-8-21 20:14


Фото:

Iranian Energy Grid Blames 7% Consumption Increase on Bitcoin Miners

Mostafa Rajabi Mashhad, the spokesperson for Tavanir, an Iranian state-operated grid entity, has explained that electrical consumption has spiked by 7% in comparison to the previous year. Rajabi blames illegal cryptocurrency mining operations for the country’s increased electrical consumption and has warned that illicit mining facilities will be cut off from the grid.

2019-6-26 00:30


Фото:

Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining

According to regional reports, a few publicly listed Chinese companies have been secretly mining bitcoin by pretending to provide cloud or web hosting services. Moreover, recent studies have revealed a growing trend of mystery miners processing the BCH and BTC networks at the same time as these firms have been running undercover mining operations in […] The post Study: Publicly Listed Chinese Firms Quietly Participate in Bitcoin Mining appeared first on Bitcoin News.

2019-5-30 23:10


Фото:

Chinese Listed Companies and Bitcoin Mining: Partner or Predator?

This article was originally published by 8btc and written by Lylian Teng. Some Chinese listed companies have jumped on the bandwagon of bitcoin mining following the bitcoin bull run throughout 2017, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations considering the country’s tough stance on bitcoin.

2019-5-29 18:53


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Coinbase stock and app rankings soar amid crypto market resurgence

Coinbase, the largest crypto trading platform based in the US, has seen its stock climb above $300—a milestone not reached since November 2021. Data from Yahoo Finance shows that the jump reflects a roughly 11% increase at market opening and coincides with Bitcoin’s recent surge above the $83,000 mark.

Global Crypto Crime Crackdown: US And Nigeria Unite Against Digital Threats

In recent years, crimes and crypto have grown inexorably entwined. Crypto crimes rise as its popularity and use cases grow, therefore putting at risk traders and companies alike. TrendMicro claims that even while the value of crypto transactions received by illegal addresses has reduced to an estimated $24.