Chinese Bitcoin miner manufacturer Canaan Inc. has reported significant revenue figures for the second quarter of 2021.
Despite the price decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded significant business gains during the period.
According to Canaan’s unaudited Q2 financials published on Tuesday, the company recorded over $1 billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker.
Indeed, Canaan’s Q2 revenue represents a 168% increase from the figures reported in its first-quarter financials and a 507.3% jump when compared to Q2 2020.
Total revenue was not the only quarterly improvement in Q2 as the report showed $37.9 million net profit for the period. According to the document, the figure marks the company’s highest quarterly net profit since its initial public offering back in 2019.
As previously reported by Cointelegraph, Canaan recorded a $33-million net loss in Q1 despite the positive Bitcoin price action that dominated the early months of 2021.
Significant inventory purchases from major mining establishments helped to improve Canaan’s revenue and profit performance in Q2. Tuesday’s report showed that the company delivered hardware totaling 5.9 million terahashes per second (TH/s) in the second quarter of 2021, a 200% increase from its delivery figures from Q1.
Large inventory purchases from major mining establishments helped improve Canaan’s revenues and profits in the second quarter. Tuesday’s report showed the company shipped hardware for a total of 5.9 million terahashes per second (TH / s) in the second quarter of 2021, a 200% increase from its relative delivery figures. in the first trimester.
In August, Genesis Digital Assets announced the purchase of 20,000 Bitcoin miners from Canaan, with plans to purchase an additional 180,000 platforms.
Canaan CEO Nangeng Zhang described the company’s second quarter performance as “remarkable,” adding, “Despite the unexpected regulatory policy dynamics and price volatility of Bitcoin, we achieved record results in delivering robust 5.9 million TH / s computing power to our customers. . “
At the time of writing, Canaan’s stock price has risen more than 5%, but has yet to hit its 2021 high above the $ 36 recorded in mid-March. The company’s stock is still net positive for the year in terms of price performance, as it has risen more than 37% since Jan. 1.