- Canaan Ready to deploy self Mining in the US
- The U.S. holds 39% of the mining power consumption.
U.S. Welcomes a New Competitor in the Crypto Market
According to the reports the U.S. holds nearly 39% of the world’s Bitcoin mining power. Bitcoin mining stands as the core support to the global cryptocurrency network.
Possibly, a decade back a crypto miner may try to mine Bitcoin on a home computer but now the scenario is different. It needs an enormous amount of energy to mine Bitcoin, merely giant farm servers with specialized equipment backing them up.
On Tuesday, the Cambridge Center for Alternative Finance said the U.S. held nearly 39% of the world’s Bitcoin mining power in January, up from 35% in August and from 17% in April.
A Gist About Canaan Inc.
Canaan – a leading supercomputing solutions provider and a Chinese crypto mining rig maker – is staging up to commence their mining operations in the U.S. boundaries. Canaan is known for its world-class early invention of ASIC-powered bitcoin mining machine in 2013.
Canaan draws most of its revenue and income from the mining sources in Kazakhstan and soon they will be from various geographical regions across the globe, said Edward Lu – Senior Vice Chairman at Canaan Inc..
According to our sources in the US, 10,000 mining machines have been deployed in Kazakhstan. However, moving to the U.S. will offer Canaan a wide range of spectrum in opportunities.
Conclusions
Canaan has shown an outrageous growth in the last few quarters. The company registered a growth of 236.7% in the last 12 months, and adding to this the digital growth for the company has increased to 441.6 Million Yuan, i.e.65.5 Million USD in the last 12 months.
Mining has been one of the most crucial parts when it comes to the cryptocurrency market. And with the U.S. holding a large share of 39% on a mining currency basis.
Source: https://www.thecoinrepublic.com/2022/07/29/canaan-ready-to-step-in-the-u-s-cryptocurrency-mining-grounds/