Affected by Kazakhstan's compliance issues and other factors, Canaan's computing power has decreased by 2 EH/s since July

08/20 09:30

 In Kazakhstan, regulatory changes have forced Canaan Creative to take action, with a decrease in computing power of 2 EH/s since July, equivalent to half of the company's computing power in Central Asia and North America. As of the first quarter of 2023, Canaan Creative's overall computing power is 4 EH/s. Meanwhile, in the United States, Canaan Creative is embroiled in a contractual dispute with a hosting partner accused of violating a joint mining agreement. Canaan Creative accuses the partner of improperly handling 13,000 Avalon mining machines, demanding the return of a $1.25 million deposit, and seeking compensation for Bitcoin profits. In the absence of a resolution, Canaan has turned to arbitration to settle the dispute. A few days ago, Canaan Creative announced that it would temporarily close its mining operations in Kazakhstan to ensure legal compliance. According to Kazakhstani laws and regulations, individuals engaged in cryptocurrency mining must first obtain a special license. The local partner has applied for a license, but the application is still pending. 

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