Canaan has withdrawn from two locations in Bitcoin mining (low-performing hosting sites in Kazakhstan and South Texas) as part of a shift to optimize its operations.
This article comes from Theminermag, an industry publication of cryptocurrency mining, and focuses on the latest news and research on the institutional Bitcoin mining company.
The China-based miner manufacturer mined 89 BTC in July, according to the latest production update. This was translated from 6.67 EH/s in May to a realised hashrate of 5.82 EH/s to 5.56 EH/s in June.
The decline was largely due to Canaan’s planned exit from Kazakhstan and the early termination of his hosting contract in South Texas. Both moves have temporarily idled some of the mining fleet.
Canaan is in the process of relocating affected machines, with about half of its offline units expecting to resume operations in August, with the rest expected to continue.
The change comes after weather-related disruptions in June affected company uptime. As of July, Canaan reported an operating hashrate of 6.24 EH/s, representing 78% of the unfolded hashrate of 7.95 EH/s.
Canaan’s exit from Kazakhstan is in line with a broader industry trend of miners reducing their operations in the region amid increasing regulatory and operational uncertainty. The departure from South Texas highlights the challenges miners face in maintaining efficiency during the summer when energy prices and cuts are surged.
Additionally, Bitcoin Holdings in Canaan has grown to 1,511 BTC under a new financial policy to hold mined coins.
The original article can be found here.