A supercomputing solutions and producer provider company, Canaan is ready to set up their business in Kazakhstan.
Canaan is a first ever company which provided ASIC miners in the Cryptocurrency industry for the first time.
ASIC miners are specially designed Bitcoin mining machines which cannot be used for mining of other coins. It was Canaan which was the first company in 2013 to design a special mining device.
Canaan is now ready to start its own Cryptocurrency mining business instead to provide mining machines to the world. They are ready with Avalon latest bitcoin miner in this early stage to start their business.
As one of the crypto mining machine manufacturers, they are ready to invest their revenue in the mining industry. So that they can expand their business in the Cryptocurrency field at a wide level.
According to Cannan, they are not changing their business strategy. They are still on their existing business model and only they are expanding their business network.
“We believe that our self-operated bitcoin mining business will help us improve our financial performance; as well as expand our business scope. As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from bitcoin volatility, and ensure our inventory sufficiency during market upturns.”Nangeng Zhang, CEO of Canaan
Diversification into Mining Business
Canaan company believes that the fluctuation in the price of Cryptocurrency is responsible for the imbalance in the supply and demand of mining machines.
As Canaan has been in this field since 2013, so their company is aware about all types of such problems related with supply and demand.
So now at this stage, the company is ready to work with more perfection with the demand & supply of mining hardwares.
Because manufacturing and consumption will be easily managed by them to use mining machines in their new business model as a consumer.
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