Canaan Forced to Trim Mining Power by 2 EH/s
This article discusses recent challenges faced by Canaan, a prominent mining company in the cryptocurrency industry.
- Kazakhstan regulatory changes led Canaan to reduce their mining power by 2 exahash per second (EH/s) since July.
- This reduction amounts to half of their mining power across Central Asia and North America.
- Canaan also faces a contractual disagreement in the United States with a hosting ally accused of violating a joint mining pact.
- Canaan alleges mishandling of 13,000 of their mining rigs and is seeking reimbursement and compensation.
- The challenges in Kazakhstan and the United States are expected to significantly impact Canaan’s mining capacities in Q3 2023.
Despite these setbacks, Canaan remains committed to adapting their approach to navigate the complexities of the crypto industry.
Hot Take:
The challenges faced by Canaan highlight the regulatory and contractual risks associated with cryptocurrency mining. It is crucial for companies in the industry to proactively address legal and operational roadblocks to ensure long-term success.
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