Bitcoin News Today: Canaan Cuts Bitcoin Mining Capacity in Kazakhstan and South Texas Amid Strategic Reshuffle

Canaan has exited two of its bitcoin mining operations—Kazakhstan and a site in South Texas—as part of a strategic reshuffle aimed at optimizing its mining fleet [1]. The move follows a planned withdrawal from Kazakhstan and the early termination of a hosting agreement in South Texas, both of which led to a temporary idling of a portion of its mining capacity [1]. According to the company’s latest production update, it mined 89 BTC in July, translating to a realized hashrate of 5.56 EH/s, a decline from 6.67 EH/s in May and 5.82 EH/s in June [1].

The hashrate reduction was attributed to the exit from the two locations. Canaan is currently relocating the affected mining equipment, with approximately half of the offline units expected to return to operation in August, followed by the remainder in the coming months [1]. As of July, the firm reported an operating hashrate of 6.24 EH/s, representing 78% of its total deployed hashrate of 7.95 EH/s [1].

The decision to leave Kazakhstan is in line with a broader trend among miners reducing exposure to the region amid increasing regulatory and operational risks [1]. The South Texas site exit highlights the challenges miners face in maintaining efficiency during the summer, when energy prices and the risk of grid curtailments rise significantly [1].

Under its new treasury policy, Canaan has retained mined bitcoin, and its holdings have now reached 1,511 BTC [1]. The company’s recent operational adjustments reflect a broader effort to streamline operations amid volatile market and environmental conditions.

Source: [1] Canaan Exits Kazakhstan and South Texas Sites Amid Bitcoin Mining Fleet Reshuffle (https://api.news.bitcoin.com/wp-json/bcn/v1/post?slug=canaan-exits-kazakhstan-and-south-texas-sites-amid-bitcoin-mining-fleet-reshuffle)