Bitcoin miner maker Canaan data highest quarterly revenue since 2019 IPO

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

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

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

Complete income was not the one quarterly enchancment in Q2 because the report confirmed $37.9 million internet revenue for the interval. Based on the doc, the determine marks the corporate’s highest quarterly internet revenue 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 constructive Bitcoin worth motion that dominated the early months of 2021.

Vital stock purchases from main mining institutions helped to enhance Canaan’s income and revenue 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.

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Again in August, Genesis Digital Property 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 “outstanding,” including, “Regardless of sudden regulatory coverage dynamics and Bitcoin worth volatility, we achieved record-high topline outcomes as we delivered a strong 5.9 million TH/s of computing energy to our shoppers.”

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