Chinese mining equipment manufacturer Canaan Creative has launched its first in-house bitcoin mining venture.
According to the press release, the Avalon ASIC miners installed on the farm in Kazakhstan are already in operation.
“Excited to share that we’re expanding into crypto mining! Logical next step in enabling us to optimize our revenues, as well as strengthen our inventory management and supply chain capabilities.https://t.co/Yt0xETFdaE pic.twitter.com/BxqhYvEWgF
— Canaan (@canaanio) June 23, 2021
“We believe our own bitcoin mining business will help us improve our financial performance, as well as expand our business and customer base,” said Nangeng Zhang, CEO of Canaan.
The integration of resources into new activities will allow the manufacturer to balance the inventory of the equipment, added the head of Canaan.
Mining is also designed to protect against Bitcoin volatility and ensure that there are sufficient reserves of miners to sell during the market rally, he said.
Earlier in Kazakhstan, Canaan opened its first after-sales service center outside of China.