Canaan Creative plans to launch mining in the U.S.
Canaan Creative, a mining equipment manufacturer, announced the planned launch of mining in the United States. The info was provided by senior Vice President Edward Lu.
Canaan Creative is a Chinese company that manufactures ASICs (Application Specific Integrated Circuits) for mining. Having previously started mining bitcoin in Kazakhstan, the company intends to conquer other markets as well.
Source: investor.canaan-creative.com
Company spokesman Edward Lu said:
Mining in Kazakhstan is doing well and moving faster, and we expect big growth as well.
As of early 2022, the Chinese manufacturer has deployed more than 10,000 mining machines in this country.
Despite the catastrophic consequences for many areas, the COVID-19 pandemic did not significantly impact Canaan’s operations. Moreover, the financial report for the first quarter of 2022 shows both strong revenue growth and an increase in net income. Compared to the first quarter of 2021, revenue increased by 236.7%. The net income figure reached 441.6 million yuan, compared with 1.2 million yuan last year.
Lu noted that the company’s strategy to enter international markets, including the U.S., for solo and joint mining is currently being developed:
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.
In May, the SEC put Canaan Creative and 87 other Chinese entities on a preliminary list for delisting due to the Public Company Accounting Oversight Board (PCAOB) inability to review audited working papers. They were stored in China, and the government rejected the relevant requests, arguing that they protected national security.
Amid the drop in the share price, the company made a statement about complying with both Chinese and U.S. laws and regulations necessary for listing on the NASDAQ exchange.
