Bitcoin mining maker Canaan Technology has expanded its presence in Kazakhstan and signed contracts with several mining companies.

China's destruction of cryptocurrency mining allowed Kazakhstan to differentiate itself quickly by providing cheaper oil and an eco-friendly economy.

Bitcoin (BTC) mining hardware maker Canaan Inc is expanding its presence in Kazakhstan after entering into new partnerships with several cryptocurrency mining companies.

Nasdaq said on Tuesday it had shipped 10,300 AvalonMiner devices to Kazakhstan by December 31, 2021 and completed the first phase of shipments to the Central Asian country. Canaan is currently working with local businesses as part of its overseas business plan. However, the company declined to announce its partners in China.

Canaan is headquartered in Hangzhou, China, but has focused on expanding overseas since the Chinese government began sweeping cryptocurrency mining in 2021. Canaan CEO Zhang Nangeng, strongly opposed the ban. electricity more efficiently and cost effectively for local businesses and operations.

As China stifles cryptocurrency mining, neighboring Kazakhstan struggles to fill the void and provide cheap, rich coal to replacement miners. Until June 2021, the fifth largest lake in the world has installed a factory in Kazakhstan. Over the next few months, profits from bitcoin mining in Kazakhstan will account for nearly a fifth of global bitcoin mining production.

Although China's restrictions on Bitcoin mining lowered the hashrate of the network, the situation soon after the change of miners created a new base. After six months of recovery, the Bitcoin network hashrate hit record highs on January 2. Bitcoin miner Canaan expands in Kazakhstan

China's destruction of cryptocurrency mining allowed Kazakhstan to differentiate itself quickly by providing cheaper oil and an eco-friendly economy.

Canaan experienced strong growth in 2021, with earnings reaching new highs since listing. With the financial report not released in November of last year, the company's third-quarter revenue was $ 24.5 million, up 708.2% from the same period last year.