Canaan has withdrawn from two of its bitcoin mining areas—Kazakhstan and an underperforming internet hosting website in South Texas—as a part of a shift to optimize its operations.
This text is from Theminermag, a commerce publication for the cryptocurrency mining trade, specializing in the most recent information and analysis on institutional bitcoin mining firms.
The China-based miner producer mined 89 BTC in July, in keeping with its newest manufacturing replace. This translated to a realized hashrate of 5.56 EH/s, down from 6.67 EH/s in Could and 5.82 EH/s in June.
The decline was primarily resulting from Canaan’s deliberate exit from Kazakhstan and the early termination of a internet hosting settlement in South Texas. Each strikes resulted within the short-term idling of a portion of its mining fleet.
Canaan mentioned it’s within the means of relocating the affected machines and expects roughly half of the offline items to renew operations in August, with the rest to comply with.
The shift comes after weather-related disruptions in June impacted the corporate’s uptime. As of July, Canaan reported an working hashrate of 6.24 EH/s, representing 78% of its deployed hashrate of seven.95 EH/s.
Canaan’s exit from Kazakhstan aligns with a broader trade development of miners scaling again operations within the area amid rising regulatory and operational uncertainty. The departure from South Texas additionally underscores the challenges miners face in sustaining effectivity in the course of the summer season, when vitality costs and curtailment dangers surge.
As well as, Canaan’s bitcoin holdings have grown to 1,511 BTC below its new treasury coverage to retain mined cash.
The unique article might be considered right here.
