Canaan Cuts Bitcoin Mining Power by 2 EH/s Amid US,...
21 Aug 2023
Crypto News Source
Canaan Cuts Bitcoin Mining Power by 2 EH/s Amid US, Kazakhstan Challenges
Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their mining devices. This revelation comes hot on the heels of Canaan’s teaser about their “groundbreaking” mining innovation slated for a September debut.
While grappling with licensing in Kazakhstan, another issue unfolds across the Atlantic. Stateside, Canaan finds itself entangled in a contractual disagreement with a hosting ally accused of violating a joint mining pact. Canaan’s allegations are hefty. They’re seeking redress for the associate’s purported mishandling of 13,000 of Canaan’s Avalon mining rigs, demanding reimbursement of a $1.25 million deposit, and claimed bitcoin profits, among other compensations. Yet, amicable resolutions appear bleak. Mediation hit a dead-end, pushing Canaan toward arbitration. All this buzz trails Canaan’s earlier announcement about a forthcoming product to mark a decade in the industry. The specifics remain shrouded in mystery. But adding intrigue, rival Bitmain spilled the beans on their new Antminer machine’s launch, set for the same month.
Canaan, a leading high-performance computing firm and mining rig producer, recently disclosed hurdles set to dent its bitcoin mining activities and revenue from Q3 2023 onward. These setbacks primarily stem from diminished operational hours of their mining devices. This revelation comes hot on the heels of Canaan’s teaser about their “groundbreaking” mining innovation slated for a September debut.
While grappling with licensing in Kazakhstan, another issue unfolds across the Atlantic. Stateside, Canaan finds itself entangled in a contractual disagreement with a hosting ally accused of violating a joint mining pact. Canaan’s allegations are hefty. They’re seeking redress for the associate’s purported mishandling of 13,000 of Canaan’s Avalon mining rigs, demanding reimbursement of a $1.25 million deposit, and claimed bitcoin profits, among other compensations. Yet, amicable resolutions appear bleak. Mediation hit a dead-end, pushing Canaan toward arbitration. All this buzz trails Canaan’s earlier announcement about a forthcoming product to mark a decade in the industry. The specifics remain shrouded in mystery. But adding intrigue, rival Bitmain spilled the beans on their new Antminer machine’s launch, set for the same month.
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