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Bitcoin rig maker Canaan to deploy self-mining in US, govt says

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Chinese language crypto mining rig maker Canaan is ramping up its mining enterprise and can quickly begin self- or joint-mining operations within the U.S., Edward Lu, a senior vp of Canaan, instructed Forkast in an interview on Thursday.

See associated article: Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue

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  • “Immediately the actual output, or income, coming from self-mining or joint-mining, are coming from Kazakhstan in the mean time, and shortly you’ll see different markets as effectively,” Lu stated, including that the U.S. is within the pipeline for each gross sales and mining.
  • In January, Canaan stated it had deployed over 10,000 mining machines in Kazakhstan.
  • “Mining in Kazakhstan is doing effectively and transferring quicker, and we count on massive development as effectively,” Lu stated.
  • Regardless of logistical points and provide chain disruptions from the pandemic, Canaan booked 236.7% year-on-year revenue growth within the first quarter of this yr, and its web revenue expanded to 441.6 million yuan (US$65.5 million) from 1.2 million yuan (US$177,875) in the identical interval final yr, in line with its earnings report.
  • In Could, t​he Securities and Alternate Fee put Nasdaq-listed Canaan on a pre-delisting list amid the U.S.-China dispute over audit working papers, and the corporate stated it will “proceed to adjust to relevant legal guidelines and laws in each China and the U.S.”

See associated article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list

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