Canaan Quits Kazakhstan, South Texas Sites Amid Bitcoin Mining Park Reshuffle
Canaan has decided to close two of its mining locations – in Kazakhstan and an underperforming hosting site in South Texas – as part of an effort to streamline its operations.
This article from Theminermag, a specialized publication for the cryptocurrency mining industry, covers the latest news and research from institutional companies involved in Bitcoin mining.
According to the latest performance data, the Chinese miner manufacturer mined 89 BTC in July. This corresponds to a realized hashrate of 5.56 EH/s, down from 6.67 EH/s in May and 5.82 EH/s in June.
The decrease is primarily due to Canaan's planned exit from Kazakhstan and the early termination of its hosting agreement in South Texas, moves that have resulted in the temporary downtime of some of its mining equipment.
Canaan said it is currently relocating the faulty equipment and expects about half of the outaged units to return to service in August and the rest later.
The changes come after weather conditions in June negatively impacted the company's operations. As of July, Canaan reported a working hashrate of 6.24 EH/s, which is 78% of its total deployed hashrate of 7.95 EH/s.
Canaan’s exit from Kazakhstan follows a broader industry trend of miners cutting production in the region amid growing regulatory and operational uncertainty. The exit from South Texas also highlights the challenges miners face in maintaining efficiency in the summer, when energy prices soar and production risks decline.
Moreover, Canaan's Bitcoin reserves have increased to 1,511 BTC in line with the treasury's new policy of preserving mined coins.
The original article can be viewed here.
Source: cryptonews.net
