While China's Bitcoin Miners Flock to Central Asia Canaan Sets up ASIC Mining Rig Service in Kazakhstan
On Monday, the application-specific integrated circuit (ASIC) manufacturer Canaan Inc. announced the company has established an overseas after-sales center in Kazakhstan. According to Canaan, the service center will provide local customers with after-sales services like machine testing, warranty services, maintenance, and technical consultation.
Chinese Miners Are Focused on Relocation, Canaan Opens Mining Rig Service Center in Kazakhstan
Ever since China started cracking down on bitcoin miners in the region, Kazakhstan has been a target for relocation. A number of Chinese operations have focused on the Central Asian country and former Soviet republic for relocation after the clampdown.
According to a recent report from Wired, quoting an anonymous source “familiar with China’s bitcoin mining industry,” Chinese miners who have “panicked” are moving to Kazakhstan “overnight.”
Following a number of firms announcing migration to Kazakhstan after the Chinese government’s statements, the publicly listed firm Canaan (Nasdaq: CAN) explained it has established an overseas after-sales service center for miners in the country that borders China and Russia.
“Through the service center, local customers will be able to access technical support, guidance, and training services for basic mining machine operations such as firmware upgrades, Fleet Management System (“FMS”) applications for mine management,” Canaan detailed.
“As well as mining pool access and configuration. To gauge computing power and machine stability, local customers will be able to test the performance of their mining machines at the service center. Customers requiring technical support for firmware upgrades, including optimisation of temperature, fan control, and start-up speeds, as well as the reduction of frequency, voltage, and bug fixes, will now be able to do so at the center,” the firm added.
Kazakhstan Has Warmed to Crypto Operations Migrating to the Country
A few years ago, Kazakhstan officials seemed hesitant about allowing the crypto economy to flourish in the country near the Caspian Sea. In 2018, reports noted that Kazakhstan would possibly prohibit bitcoin mining and other types of crypto services. A few years out, the country’s authorities and financial regulators seem a lot more open to adopting crypto assets. Recently Kazakhstan’s central bank announced plans to pilot a central bank digital currency (CBDC) with a few private companies.
The founder of the Kazakhstan-based Xive, a cryptocurrency energy contract operation, says that Chinese mining companies are regularly seeking out plots in the country to set up shop.
“These people are waiting for some clarification from the Chinese government, and they are looking for a plan B in case the government restricts or somehow bans mining altogether,” Bekbauov said in an interview.
Canaan’s after-sales team plans to respond to miners located in Kazakhstan working in the field in order to repair mining rigs, and to “minimise the potential revenue impact on customers.” Mining farm operators leveraging Canaan-brand machines will be able to monitor batches of rigs and Canaan’s after-sales team plans to train miners on how to use FMS tools.
“The establishment of the service center in Kazakhstan is strategic in expanding our after-sales geographical coverage and providing faster and easier access to support our growing international customer base,” Canaan’s chairman and CEO Nangeng Zhang said about the company’s new venture. “This development builds on our commitment to service excellence and providing a best-in-class client experience,” the Canaan executive concluded.
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