Canaan Forced to Trim Mining Power by 2 EH/s
Canaan, a prominent player in the crypto mining industry, has been forced to reduce its mining power by 2 exahash per second (EH/s) due to regulatory changes in Kazakhstan. Here are the key points:
- Regulatory changes in Kazakhstan have led to Canaan curtailing 2 EH/s of its mining prowess since July.
- This reduction in mining power accounts for half of Canaan’s mining capacity across Central Asia and North America.
- Canaan’s overall hashrate stood at 4 EH/s as Q1 2023 came to an end.
- In addition to the challenges in Kazakhstan, Canaan is also dealing with a contractual disagreement with a hosting ally in the United States.
- Canaan alleges mishandling of 13,000 mining rigs and is seeking reimbursement of a $1.25 million deposit and claimed bitcoin profits.
These obstacles are expected to significantly hamper Canaan’s mining capacities in Q3 2023. However, the company remains committed to recalibrating its approach to overcome operational roadblocks in the volatile crypto sphere.
Hot Take: Canaan Faces Uphill Battle Amidst Regulatory Changes and Contractual Disputes
Canaan’s mining power reduction and ongoing legal disputes pose significant challenges for the company. Navigating diverse legal landscapes and unpredictable collaborators in the crypto industry is no easy task. Canaan’s commitment to adapting its approach demonstrates its determination to overcome these obstacles and continue thriving in the ever-changing crypto market.
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