In August, Canaan announced that it was suspending Bitcoin mining in Kazakhstan after mandatory licensing requirements came into force. To ensure compliance with the law, the company decided to turn off its farms, the total capacity of which reaches about 2.0 Eh/s. Three months later, the company managed to obtain a license.
“In mid-November 2023, the company received a Type II license for owners of mining equipment to mine bitcoins in Kazakhstan,” Canaan said.
The company and its partners are now working to accelerate the resumption of local mining operations.
“We plan to connect part of the capacity around the end of 2023,” Canaan management said.
According to the financial report, Canaan generated $3.3 million in mining revenue in the third quarter of 2023, down 79.5% from the second quarter.
Since July, licensing rules for digital mining have come into force in Kazakhstan. According to them, persons engaged in cryptocurrency mining must first obtain a specialized license.
The Republic of Kazakhstan is one of the world’s leading Bitcoin mining centers. According to the Cambridge Center for Alternative Finance (CCAF), in January 2022, Kazakhstan’s share of the Bitcoin network hashrate was 13.22%, second only to the United States (37.84%) and China (21.11%).
Source: Bits
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