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Canaan settles in Kazakhstan and uses 2,000 mining rigs



The mining company Canaan has set up 2,000 of its Avalon mining rigs in Kazakhstan. In June, the manufacturer announced that it would expand its mining business to Kazakhstan. Previously, the Chinese government banned many crypto activities.

Canaan CEO Nangeng Zhang shared the following:

We are integrating more industrial resources into our operations and believe that this is the business segment in which we will revitalize our mining inventory. This allows us to shield ourselves from Bitcoin volatility and ensure that our inventory is sufficient during times of market boom.

The Kazakh branch in Canaan is due to go into operation soon. More rigs are expected to arrive later this week. It is currently performing at 32,000 terahashes per second (TH / s). Canaan wants to expand this value to 1.8 exahash per second.

Kazakhstan is working on new laws for crypto mining

The country in Central Asia is currently working on new laws. In doing so, the government wants to cope with the influx of miners who have come after crypto restrictions in China. Ten days ago the media reported that the domestic energy network was bursting at the seams due to the enormous influx of prospectors.

Kazakhstan's share of Bitcoin's global hash rate has roughly doubled since May after Chinese miners began moving overseas operations.

Kazakhstan is currently struggling with severe electricity bottlenecks. These were difficult to predict in a country so rich in natural resources. The government blames the crypto miners for this. In Almaty, the largest city in Kazakhstan, there was even a total blackout this summer.

In order to solve the problem, the national network operator KEGOC is rationing the electricity supplies to the miners. The Department of Energy proposed setting an upper limit of 100 MW for the entire country and 1 MW for all newly licensed mining facilities.

Chinese miners extract excess electricity

When the miners started operating in Kazakhstan, they used up all of the excess electricity capacity. At the beginning of November, Energy Minister Magzum Myrzagaliev told the press that Kazakhstan's electricity demand had increased steadily by 1% to 2% per year until the beginning of 2021 and then suddenly reached 8%, which was due to the mining of cryptocurrencies.

Some believe the influx of Chinese miners will help the country deal with the outdated infrastructure, reliance on coal, and other age-old problems in the power sector. Despite the energy crisis that mining caused, stakeholders like Denis Rusinovich, co-founder of the CMG Cryptocurrency Mining Group as well as the Maverick Group believe that the country has a bright future. Mainly because the government wants to support electricity generation from renewable energies.

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