Bitcoin mining hardware maker Canaan opens new service center in Kazakhstan

Chinese bitcoin mining hardware manufacturer Canaan has set up its first overseas after-sales service center in Kazakhstan.

In a statement shared with The Block on Monday, Canaan said the center would help provide local customers after-sales services such as machine testing and maintenance, warranty services, and technical consultations.

“The establishment of the service center in Kazakhstan is strategic in expanding our after-sales geographical coverage and providing faster and easier access to support our growing international customer base,” said Canaan chairman and CEO Nangeng Zhang.

Canaan’s global customer base is indeed expanding. As The Block reported last week, 78% of Canaan’s Q1 2021 sales came from the overseas market. That is a significant jump from Q1 2020 when the share of its overseas market was just around 5%.

As for Kazakhstan, its crypto mining industry is booming, thanks to one of the cheapest electricity rates in the country. Kazakhstan is currently the fourth-largest bitcoin mining country in the world, with a 6% share in the global bitcoin hash rate, according to Cambridge Bitcoin Electricity Consumption Index. Canaan itself is preparing to launch a crypto mining business in Kazakhstan.

Last September, Kazakhstan was looking to attract investments worth 300 billion tenge (over $700 million) into its domestic mining sector.