Many of you will surely remember that China banned cryptocurrency mining in the country last year, continuing its “hostile” attitude towards the industry and fully devoting itself to its national digital currency. However, quite interesting information has now spread around the world, namely that the well-known large Chinese crypto mining company Canaan has doubled its profits over the past year, despite the ban on cryptocurrency mining in the country. The result of their finances showed an increase of 117% compared to the same period in 2021.
Canaan’s CEO, James Jin Cheng said that he is “fully aware of the pressure” in connection with the lowering of the price of Bitcoin or the ban on mining in China, which is why they are trying to grow more significantly abroad, especially in Singapore. It seems that is, even though the Bitcoin crash has caused problems for many individuals or companies, Canaan is not one of them. The company is outsourcing its mining abroad even with the country’s mining ban still in place, while China continues to be the number 2 Bitcoin miner.
