HomeCryptoBitcoin miner maker Canaan records highest quarterly profit since 2019 IPO

Bitcoin miner maker Canaan records highest quarterly profit since 2019 IPO

Despite the worth decline for Bitcoin (BTC) in Q2 2021, mining {hardware} maker Canaan has recorded vital enterprise positive factors in the course of the interval.

According to Canaan’s unaudited Q2 financials printed on Tuesday, the corporate recorded over $1 billion Chinese renminbi (about $167.5 million) in whole internet income for Q2. This determine marks the highest quarterly gross sales for the Bitcoin miner maker.

Indeed, Canaan’s Q2 income represents a 168% enhance from the figures reported in its first-quarter financials and a 507.3% leap when in comparison with Q2 2020.

Total income was not the one quarterly enchancment in Q2 because the report confirmed $37.9 million internet profit for the interval. According to the doc, the determine marks the corporate’s highest quarterly internet profit since its preliminary public providing again in 2019.

As beforehand reported by Cointelegraph, Canaan recorded a $33-million internet loss in Q1 regardless of the optimistic Bitcoin value motion that dominated the early months of 2021.

Significant stock purchases from main mining institutions helped to enhance Canaan’s income and profit efficiency in Q2. Tuesday’s report confirmed that the corporate delivered {hardware} totaling 5.9 million terahashes per second (TH/s) within the second quarter of 2021, a 200% enhance from its supply figures from Q1.

Related: Nasdaq listed Bitcoin miners urge China to open doorways to inexperienced mining

Back in August, Genesis Digital Assets introduced the acquisition of 20,000 Bitcoin miners from Canaan, with plans to purchase an extra 180,000 rigs.

Canaan CEO Nangeng Zhang described the corporate’s Q2 efficiency as “remarkable,” including, “Despite unexpected regulatory policy dynamics and Bitcoin price volatility, we achieved record-high topline results as we delivered a robust 5.9 million TH/s of computing power to our clients.”

As of the time of writing, Canaan’s share value is up greater than 5% however is but to match its 2021 excessive above $36 recorded again in mid-March. The firm’s inventory remains to be internet optimistic for the yr by way of value efficiency as it’s up over 37% since Jan. 1.