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Bitcoin rig maker Cannan to set up self-mining quickly in US, government says

Chinese crypto mining rig maker Canaan is ramping up its mining commercial enterprise and could quickly begin self- or joint-mining operations withinside the U.S., Edward Lu, a senior vice chairman of Canaan, informed Forkast in an interview on Thursday.

Fast facts

Today the actual output, or sales, coming from self-mining or joint-mining, are coming from Kazakhstan on the moment, and shortly you’ll see different markets as properly, Lu stated, including that the U.S. is withinside the pipeline for each income and mining.

In January, Canaan stated it had deployed over 10,000 mining machines in Kazakhstan.

Mining in Kazakhstan is doing properly and shifting faster, and we assume huge boom as properly, Lu stated.

Despite logistical problems and deliver chain disruptions from the pandemic, Canaan booked 236.7% yr-on-yr sales boom withinside the first region of this yr, and its internet earnings accelerated to 441.6 million yuan (US$65.five million) from 1.2 million yuan (US$177,875) withinside the equal duration remaining yr, in step with its income report.

In May, t​he Securities and Exchange Commission positioned Nasdaq-indexed Canaan on a pre-delisting listing amid the U.S.-China dispute over audit running papers, and the organization stated it would “retain to conform with relevant legal guidelines and guidelines in each China and the U.S.”

SOURCE

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