Bitcoin (BTC) mining hardware manufacturer Canaan Inc is expanding its footprint in Kazakhstan later on signing new strategic partnerships with multiple crypto mining firms in the country.

The Nasdaq-listed visitor announced Tuesday that it had deployed 10,300 AvalonMiner units in Republic of kazakhstan as of Dec. 31, 2022, finalizing stage 1 of its deployment in the primal Asian country. Canaan is partnering with local firms equally part of its business organisation expansion plans outside of China. However, the company declined to list any of its local partners.

Although Canaan is based in Hangzhou, China, the company is eyeing expansion outside of its domicile country post-obit Beijing's wholesale crackdown on crypto mining in 2022. Zhang Nangeng, Canaan's CEO, spoke out against the mining ban during an earnings call in July, telling investors that crypto miners make improve apply of stranded electricity, and contribute positively to employment and the local economy.

With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill up the void, offering displaced miners cheap and plentiful coal. By June 2022, the earth's fifth-largest mining pool had gear up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a 5th of the earth's Bitcoin mining output.

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China'south ban on Bitcoin mining resulted in a sharp drop in network hash rate, but that has quickly reversed after displaced miners established new bases of operations. Following a 6-month recovery, the Bitcoin network's hash rate reached a new best high on January. 2.

As for Canaan, the company recorded stellar growth in 2022, with net revenues hitting post-IPO highs. The company's net revenues totaled $204.5 1000000 in the third quarter, upwards 708.2% over the same period a yr earlier, according to unaudited fiscal results that were posted in November.