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Canaan Expands Crypto Mining Capabilities in Kazakhstan

By Chris Wack

 

Canaan Inc. on Tuesday said it entered into strategic collaboration agreements with multiple crypto mining firms for a joint-mining business in Kazakhstan.

The company said that on Dec. 22, it launched the last batch of mining machines online under its first phase of deployment in Kazakhstan.

As of Dec. 31, Canaan had 10,300 AvalonMiner units in mining operations in the country, and continues to deploy additional computing power according to its mining business expansion plan.

Canaan shares were up 4% to $5.46 in premarket trading.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

January 04, 2022 06:32 ET (11:32 GMT)

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