Canaan Looking To Capture 50% Marketshare In The Middle East

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Canaan is the first crypto-mining machine company in the world. The company was established in 2013 and is today standing tall at the number two position in the market, with offices in Singapore, China, North America, and Central Asia.

As part of its global expansion strategy, Canaan wants to expand its operations into the Middle East. In speaking about their plans for the Middle East, Davis Hui, Vice President of Canaan, said, “UAE is one of the most stable economies in the world and open to innovations. The country is also well connected with the rest of the world, and its location makes it easier to access Europe, Asia and Africa, which makes it an ideal choice for us.”

UAE has been at the forefront of crypto and laying down friendly regulatory frameworks and policies that have helped to attract investment in blockchain and crypto platforms. Davis added, “Government support in UAE has turned the country into a major player in the crypto world. For us, crypto-friendly policies and a positive government outlook are fundamental. Dubai has played a critical role in positioning the country as the world’s prime hub for blockchain and crypto”.

Energy is the essential criterion for setting up crypto mining operations anywhere in the world. With large oil reserves, Abu Dhabi ensures a consistent energy supply at a cheaper cost compared with other major economies like the US and China. Moreover, the country has an abundance of sunshine for generating an uninterrupted supply of renewable energy at the most cost-effective price.

“We believe that with central location, crypto-friendly policies, and low-cost energy, UAE will become a major force in cryptocurrency mining. We are excited to be here for the Blockchain Life 2023 Forum in Dubai and launch two of our most advanced Bitcoin Miners, the air-cooling Bitcoin Miner, A1466, and the immersion-cooling Bitcoin Miner, A1466I,” said Davis.

Canaan is aggressively targeting the Middle East markets and is putting its partner network in place. “We are looking for regional channel partners to work with us because they have the local knowledge, intelligence and connections. We are ready to support them and work with them closely. In the next year, we are looking to capture 50% marketshare in the Middle East.”