Canaan Inc., a leading high-performance computing solutions provider, announced that it has entered into strategic collaboration agreements with multiple crypto mining firms for joint-mining business in Kazakhstan.
On December 22, 2021, the Company successfully launched the last batch of mining machines online under its first phase of deployment in Kazakhstan. As of December 31, 2021, the Company had an aggregate of 10,300 AvalonMiner units in mining operations in the country. The Company continues to deploy additional computing power according to its mining business expansion plan.
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Mr. Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented, “The deployment of over 10,000 mining machines not only deepens our collaboration with leading local mining farms, but also marks our great strikes in our cultivation of the Bitcoin mining business. As we expand our involvement further down the Bitcoin value chain, we are enhancing the depth and width of our global presence while solidifying our business operations. Joining hands with mining firms, we are excited to leverage each of our respective strengths and resources to maximize profits and capitalize on the growth of the digital assets industry.”
Canaan, is a technology company focusing on ASIC high-performance computing chip design, chip research and development, computing equipment production and software services. The Company’s vision is “super computing is what we do, social enrichment is why we do it.” Canaan has a rich experience in chip design and streamlined production in the ASIC field. In 2013, it released and mass produced its first ASIC Bitcoin mining machine. In 2018, Canaan released the world’s first 7nm ASIC chip, providing energy efficient computing equipment to the cryptocurrency mining industry. In the same year, Canaan released the world’s first RISC-V architecture commercial edge AI chip, further harnessing the potential of ASIC technology in the field of high-performance computing and artificial intelligence.
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