Mining equipment manufacturer Canaan plans to open a cryptocurrency mining facility in the United States. This was revealed by the company’s vice president, Edward Lu, in an interview with Forkast.

“Currently, the actual revenue from solo or co-mining comes from Kazakhstan, but you will soon see other markets as well,” Lu said.

The firm launched bitcoin mining in the Central Asian country in June 2021 and gradually expanded its capacity.

“Mining in Kazakhstan is doing well and growing faster than expected,” said a Canaan senior executive.

Up next, Lou said it has a presence in the United States for both cryptocurrency mining and hardware sales.

In April, while unveiling the new Avalon 1266 bitcoin ASIC miner, the vice president announced plans to explore business opportunities in various states of the country.

In May, the US Securities and Exchange Commission included Canaan on a preliminary list of Chinese companies to be delisted from US stock exchanges for non-compliance with audit reports.

The manufacturer said it would “continue to comply with applicable laws and regulations in both China and the United States” at the time.

At the time of writing, Canaan shares are still traded on the Nasdaq. The market price is $4.29.

The company became the first miner producer to go public by placing 10 million coins in November 2019. ADS For the price of $9. To the minimums of less than $2, prices for the article fell in the summer-autumn period of 2020.

Recall that Canaan had a gross profit of $130.9 million in the first quarter, the indicator was up 327% year-on-year, and the company highlighted the contribution of its mining business to growth.

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