Chinese crypto mining rig maker Canaan is ramping up its mining business and will soon start self- or joint-mining operations in the U.S., Edward Lu, a senior vice president of Canaan, told Forkast in an interview on Thursday.

See related article: Bitcoin rig maker Canaan reports over US$200 mln in Q1 revenue

Fast facts

  • “Today the real output, or revenue, coming from self-mining or joint-mining, are coming from Kazakhstan at the moment, and soon you’ll see other markets as well,” Lu said, adding that the U.S. is in the pipeline for both sales and mining.
  • In January, Canaan said it had deployed over 10,000 mining machines in Kazakhstan.
  • “Mining in Kazakhstan is doing well and moving faster, and we expect big growth as well,” Lu said.
  • Despite logistical issues and supply chain disruptions from the pandemic, Canaan booked 236.7% year-on-year revenue growth in the first quarter of this year, and its net income expanded to 441.6 million yuan (US$65.5 million) from 1.2 million yuan (US$177,875) in the same period last year, according to its earnings report.
  • In May, t​he Securities and Exchange Commission put Nasdaq-listed Canaan on a pre-delisting list amid the U.S.-China dispute over audit working papers, and the company said it would “continue to comply with applicable laws and regulations in both China and the U.S.”

See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list