Canaan Suspends Mining Activities in Kazakhstan

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Since 2021, Canaan Mining had been operating Bitcoin mining operations in Kazakhstan. After the ban in China, the company decided to move its facilities to Kazakhstan. Its equipment had a total capacity of 2 Eh/s.

Unfortunately, Kazakhstan has had tightening regulations on this industry and Canaan had to suspend the operations of their enterprises there.

The firm will be undergoing the licensing process and will hopefully be bringing the farms back online.

Kazakhstan now requires registering companies engaged in crypto mining. Individuals and legal entities must be given a license that allows them to function in the country, and taxes have been imposed this spring for those participating in mining.

The returns on these taxes were 2.07 billion tenge or $7 million. Kazakhstan ranks second on the list of countries with the highest bitcoin mining capacity, only lower than those of the United States and China.