Canaan started mining Bitcoin itself by establishing operations in Kazakhstan

Leading bitcoin mining rig manufacturer Canaan will mine BTC itself and set up new operations in Kazakhstan. Bitcoin mining platform manufacturer Canaan, one of the world's largest suppliers of mining hardware, announced that it has made its first venture into bitcoin mining by establishing mining operations in Kazakhstan. “We believe that our self-directed Bitcoin mining company will help us improve our financial performance and expand our business and client base,” said Canaan Chairman and CEO Nangeng Zhang in a statement. “As we integrate more industrial resources into our business, we believe this business segment will allow us to revitalize our mining equipment inventory, protect us from bitcoin volatility, and ensure our inventory is adequate during market upswings.” According to the announcement, Canaan's new business diversification strategy fulfills the company's strategic plans for 2021, which were announced earlier this year. The Chinese ASIC manufacturer will now venture into bitcoin mining in hopes of generating more returns as demand for its mining rigs. Canaan expanded its business by establishing its first overseas after-sales service center earlier this month. Also established in Kazakhstan, the center offers services such as machine testing, warranty, maintenance and technical advice and support to the company's local customers. The China-based bitcoin mining machinery maker produced the world's first ASIC machine in 2013 and has been in business ever since. However, Canaan is forced to expand its business models and penetrate overseas markets, possibly as a result of its hometown. The country's negative attitude towards the sector, upon its own requests against this pressure, has deafened the ears. The state council has called for a new crackdown on bitcoin mining and trading in the country, with many companies in the industry facing challenges. for inst

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