“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,” Lu said, adding that the U.S. is in the pipeline for both sales and mining.
In January, Canaan said it had deployed over 10,000 mining machines in Kazakhstan.
“Mining in Kazakhstan is doing well and moving faster, and we expect big growth as well,” Lu said.
Despite logistical issues and supply chain disruptions from the pandemic, Canaan booked 236.7% year-on-year revenue growth in the first quarter of this year, and its net income expanded to 441.6 million yuan (US$65.5 million) from 1.2 million yuan (US$177,875) in the same period last year, according to its earnings report.
In May, the Securities and Exchange Commission put Nasdaq-listed Canaan on a pre-delisting list amid the U.S.-China dispute over audit working papers, and the company said it would “continue to comply with applicable laws and regulations in both China and the U.S.”