CAN - Canaan temporarily shuts bitcoin mining operations in Kazakhstan
2023-08-18 09:26:15 ET
- Canaan Inc ( NASDAQ: CAN ) Friday said it has decided to temporarily shut down about 2.0 Exahash/s of its mining computing power in Kazakhstan since July, subsequent to the rules for licensing of digital mining activities became effective in Kazakhstan.
- Under the law and rules, persons engaged in the mining of cryptocurrencies must first obtain a specialized license.
- With a hope to resume mining operations upon receipt of approval, the company has been working actively to obtain a Type II license for mining hardware owners since early July.
- Canaan said, it has been monitoring potential policy changes and their impact in Kazakhstan as early as 2021, and is actively pursuing the necessary licenses.
- Further, these challenges may adversely impact the company's bitcoin generation and revenue from its mining activities, primarily due to reduced uptime, beginning in the third quarter of 2023.
- CAN -8.94% premarket to $2.14
- Source: Press Release
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Canaan temporarily shuts bitcoin mining operations in Kazakhstan