A cryptocurrency mining equipment manufacturer has put into operation its own ASIC miners Avalon in Kazakhstan
Canaan, a cryptocurrency mining hardware company, has launched its first mining farm.
A data center with ASIC miners Avalon started working in Kazakhstan. CEO Nangeng Zhang believes that launching its own mining farm will allow Canaan to improve its financial performance, as well as expand its business and customer base.
“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 are integrating more and more industry resources into our operations, as this will allow us to update our stock of cryptocurrency mining machines and protect against Bitcoin volatility, providing a supply of coins for the next period of market growth,” Zhang said.
In 2020, Canaan introduced the new miner Avalon Miner 1146 Pro, which is capable of generating a hash rate of 63 TH / s while consuming 3276 watts of electricity.
The updated model will increase the efficiency of cryptocurrency mining, representatives of the company noted.
Canaan is a publicly traded company listed on the NASDAQ stock exchange.
Over the past three months, amid falling cryptocurrency quotes, Cannan shares have fallen in price by 77% (from $ 35 to $ 7.8). The company has a market capitalization of $ 1.25 billion as of June 23, according to Investing.com.
