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Canaan Mining CEO Edward Lu said, in an interview with Angie Lau, that after the restrictive measures against mining in China, its sales increased by more than 80%.
New cryptocurrency mining zones continue to spread around the world. All these processes take place against the backdrop of China's harsh repressive measures against miners and steps to crack down on cryptocurrency activity in the country.
As a result, many Chinese mining companies are looking for new locations in different parts of the world to continue their activities. In particular, the greatest interest for Chinese miners is the territory of the former Soviet republic of Kazakhstan, North America and Europe.
For example, in this sense, Kazakhstan-based mining provider Xive offers favorable hosting conditions, which gives rise to a certain demand. The well-known company Canaan Mining is also on the list. Head of Canaan Mining Edward Lu, in particular, spoke out on this matter. He said that Kazakhstan has lucrative offerings in terms of mining and sale of equipment.
According to Lu, his company's sales have grown this year and more than 80% of its sales come from abroad. The head of Canaan singled out Kazakhstan, North America and also Europe. Lu also added that miners are mainly looking for places with the largest surplus of electricity for the sake of cost savings.
Recall that China's recent moves to ban Bitcoin mining were met with a very negative reaction from the crypto community. Also, Chinese regulators continue to impose restrictions on cryptocurrency transactions.