Canaan has withdrawn from two of its bitcoin mining locations—Kazakhstan and an underperforming hosting site in South Texas—as part of a shift to optimize its operations.
This article is from Theminermag, a trade publication for the cryptocurrency mining industry, focusing on the latest news and research on institutional bitcoin mining companies.
The China-based miner manufacturer mined 89 BTC in July, according to its latest production update. This translated to a realized hashrate of 5.56 EH/s, down from 6.67 EH/s in May and 5.82 EH/s in June.
The decline was primarily due to Canaan’s planned exit from Kazakhstan and the early termination of a hosting agreement in South Texas. Both moves resulted in the temporary idling of a portion of its mining fleet.
Canaan said it is in the process of relocating the affected machines and expects roughly half of the offline units to resume operations in August, with the remainder to follow.
The shift comes after weather-related disruptions in June impacted the company’s uptime. As of July, Canaan reported an operating hashrate of 6.24 EH/s, representing 78% of its deployed hashrate of 7.95 EH/s.
Canaan’s exit from Kazakhstan aligns with a broader industry trend of miners scaling back operations in the region amid rising regulatory and operational uncertainty. The departure from South Texas also underscores the challenges miners face in maintaining efficiency during the summer, when energy prices and curtailment risks surge.
In addition, Canaan’s bitcoin holdings have grown to 1,511 BTC under its new treasury policy to retain mined coins.
The original article can be viewed here.