- ASIC Maker Canaan is set to launch bitcoin mining operations in the US
- The company recently started self-mining in Kazakhstan where it has deployed over 10,000 miners.
- Ending Q1 2022, the company generated $213 million in revenue and held approximately 167 BTC, valued at close to $4 million at press time.
According to a report by Forkast, Canaan, the global leader in bitcoin mining rig manufacturing in China, is set to launch self- or joint-mining operations in the US.
Earlier, the application-specific integrated circuit (ASIC) maker announced its intention to enter the bitcoin mining space with a pilot operation in Kazakhstan. At the time, Canaan’s President and CEO Nangeng Zhang expressed the need for the company to start mining as a way to create additional revenue streams.
“We believe that our self-powered bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base,” Zhang said at the time of the announcement.
Following the pilot announcement, the company successfully deployed over 10,000 AvalonMiner units to Kazakhstan.
“Mining in Kazakhstan is doing well and growing rapidly, and we expect even bigger growth,” Edward Lu, a senior VP of Canaan, reportedly told the Forkast report.
This additional revenue stream as well as past operations resulted in Canaan’s revenue of more than $213 million in the first quarter of 2022.
“Today the actual production, or revenue, coming from self-mining or joint-mining is coming from Kazakhstan at the moment, and soon you will see other markets as well,” Lu explained.
In May, the Chinese ASIC maker was placed on an investigation list by the Securities and Exchange Commission (SEC) amid disputes between the US and China, leaving several companies facing similar fates. The SEC cited concerns of the company using the auditor that the regulatory agency might not validate or investigate.
At the time, Canaan said it would “continue to comply with applicable laws and regulations in both China and the United States, and strive to maintain its listing status on the NASDAQ.”