Chinese miners are stepping up the transfer of capacities to neighboring countries, and Kazakhstan is becoming one of the favorites. Following BTC.com, the farm in this country will be hosted by Canaan.
Chinese mining equipment manufacturer Canaan Creative (known under the Avalon brand) has announced plans to launch a division for its own mining. The first bitcoin mining farm will be opened in Kazakhstan.
As noted in a press release from Canaan, the decision was made in connection with the high volatility of bitcoin and the associated fluctuations in demand for mining equipment. Launching its own mining farm will allow the company to optimize the use of revenues, equipment inventory management and supply chains.
“We think our Bitcoin mining division will help us improve our bottom line, attract new customers, and expand the diversification of our business,” said Nangeng Zhang, Chairman and CEO of Canaan.
At the same time, the company is going to accumulate bitcoins in order to sell them when the price of the first cryptocurrency once again rises significantly.
The choice of Kazakhstan to launch its first farm is not accidental – the country has become very popular among miners due to its affordable electricity. A large pool of BTC.com is moving its own facilities from China to Kazakhstan and the United States. However, the country is currently discussing a new electricity tax for miners, which could significantly reduce the attractiveness of this country for organizing mining farms.
It was recently revealed that Canaan has opened the first service center outside of China to service its equipment. The choice fell on Kazakhstan.
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