Affected by Kazakhstan's compliance issues and other factors, Canaan's computing power has decreased by 2 EH/s since July

Odaily Planet Daily News In Kazakhstan, regulatory changes forced Canaan to take action, and its computing power has decreased by 2 EH/s since July, equivalent to half of the company’s computing power in Central Asia and North America. As of the first quarter of 2023, Canaan's overall computing power is 4 EH/s. Meanwhile, in the U.S., Canaan is embroiled in a contract dispute with a hosting partner accused of violating a joint mining agreement. Jianan Zhizhi accused the partner of allegedly mishandling 13,000 Avalon mining machines, demanded the repayment of a deposit of 1.25 million US dollars, and sought compensation such as Bitcoin profits. When mediation failed, Canaan turned to arbitration to resolve the dispute. With the arrival of the third quarter of 2023, unfavorable factors from Kazakhstan, coupled with contract disputes in the United States, will undoubtedly have an impact on Canaan's business. The company admits that in the volatile cryptocurrency space, different legal environments and partners with unpredictable behavior may complicate the company's operations, but Canaan promises to readjust its strategy to pre-emptively solve such operational obstacles. It is worth mentioning that Canaan Creative will hold its 10th anniversary celebration in Singapore on September 12 and release new products. Bitmain will hold the 2023 Global Digital Mining Summit (WDMS 2023) in Hong Kong from September 22 to 23, and will release the world's first 1XJ/T mining machine: ANTMINER S21. (Bitcoin.com) A few days ago, Canaan announced that it will temporarily close its mining business in Kazakhstan in order to ensure legal compliance. According to Kazakh laws and rules, those engaged in cryptocurrency mining must first obtain a special license. The local partner has applied for a license, but its application is still pending. The company currently expects its mining operations in Kazakhstan to remain suspended until the third quarter of 2023, anticipating a reduction in bitcoin production.