Chinese crypto mining firm Canaan sets up shop in Kazakhstan amid crackdown

China has been hardening its stance on crypto, with the government shutting down Bitcoin mining operations across the country.
China has been hardening its stance on crypto, with the government shutting down Bitcoin mining operations across the country.

Major Chinese cryptocurrency miner provider Canaan has posted an update on its crypto mining business in Kazakhstan amid an ongoing crackdown on Bitcoin (BTC) mining in China.

Canaan announced Monday that the company has rolled out its own crypto mining business in Kazakhstan using its latest Avalon Miner units.

The firm’s move to Kazakhstan comes as part of the company’s broader strategic plans in the country. Canaan previously opened its first overseas service center in Kazakhstan earlier this month to provide local customers with after-sales services like machine testing, warranty services, maintenance and technical consultations.

Canaan chairman and CEO Nangeng Zhang said that the firm’s debut of a self-operated Bitcoin mining business will help improve the company’s financial performance. “ As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns,” he said.

Related: Chinese Bitcoin miners ‘not even in the mood to drink anymore’

In recent weeks China has been hardening its stance on crypto, with the government shutting down crypto mining operations in Sichuan, Yunnan, Xinjiang, Inner Mongolia and Qinghai. In response to the crackdown, a number of Chinese crypto mining operators have considered or have already relocated to other countries, with major mining pool BTC.com successfully relocating the first batch of its miners to Kazakhstan earlier this week.

Bitmain is reportedly moving overseas to continue its mining business. According to Chinese journalist Colin Wu, the firm announced a full relocation abroad on Tuesday.