Bitcoin mining machine maker Canaan hits highest quarterly profit since 2019 IPO

Although the price of Bitcoin has fallen (Bitcoin) In the second quarter of 2021, mining hardware manufacturer Canaan recorded significant business gains during this period.

According to Canaan’s unaudited second quarter financial report Publish On Tuesday, the company’s total net income for the second quarter exceeded RMB 1 billion (approximately US$167.5 million). This number marks the highest quarterly sales of a Bitcoin mining machine manufacturer.

In fact, Canaan’s second-quarter revenue increased by 168% compared to the first quarter’s financial report, and increased by 507.3% compared to the second quarter of 2020.

Total revenue was not the only quarterly increase in the second quarter, as the report showed a net profit of $37.9 million during the period. According to the document, this figure marks the company’s highest quarterly net profit since its IPO in 2019.

As Cointelegraph previously reported, Canaan Net loss of $33 million in the first quarter Although positive Bitcoin price movements dominate the first few months of 2021.

Procurement of a large amount of inventory from major mining institutions will help improve Jianan Zhizhi’s revenue and profit performance in the second quarter. Tuesday’s report showed that the total hardware delivered by the company in the second quarter of 2021 was 5.9 gigahertz per second (TH/s), an increase of 200% over the first quarter’s delivery data.

related: Bitcoin miners listed on NASDAQ urge China to open its doors to green mining

As early as August, Genesis Digital Assets announced Buy 20,000 Bitcoin miners from Canaan, And plans to purchase another 180,000 drilling rigs.

Jianan Zhizhi CEO Zhang Nan described the company’s performance in the second quarter as “extraordinary” and added: “Despite unexpected changes in regulatory policies and Bitcoin price fluctuations, we have provided customers with a strong 5.9 million The computing power of baht per second has achieved record revenue performance.”

As of this writing, Canaan’s share Price It has risen by more than 5%, but it has not yet reached the 2021 high above $36 set in mid-March. In terms of price performance, the company’s stock is still net positive this year and has risen by more than 37% since January 1.