Chinese crypto mining rig maker Canaan has further strenghtened its presence in central Asian country, Kazakhstan.
The firm announced on Tuesday that it has agreed to multiple strategic partnerships with mining firms in Kazakhstan. As a result, by December 31, 10,300 Canaan built AvalonMiners were operating in the country.
Towards the end of last year, the firm had deployed 2,000 mining rigs in good for a total of 32,000 terahash per second (TH/s) in computing power, as it informed the public of its intentions to operationalize 850,000 TH/s “in the near term.”
Following China’s crackdown on the crypto industry, that saw an exodus of mining activities from the country, Kazakhstan has become a top location for mining firms largely due to an abundance of cheap electricity.
Nevertheless, this sudden influx of crypto mining activities impacted the country’s local grid because of the extra demand and the Kazakh government is therefore now considering restrictions on the industry.
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