Bitcoin miner maker Canaan generated highest quarterly profit since 2019

Canaan company generated record breaking revenue in the Q2 of 2021. Earning of Q2 2021 is around 5 times over Q2 2020. 

In the present time, Bitcoin mining companies are generating huge revenue, which was unexpected because after the ban of the mining operations in China, most of the mining companies stopped their operations and started to move to other regions of the world where crypto mining operations are friendly for mining firms. And also reports claimed that there are huge numbers of second hand Mining equipment available for sale and this leads many mining equipment maker companies to stop new units of mining machines. All that was an indication that Bitcoin mining hardware makers’ companies will face huge problems, but here results are totally different. 

Canaan bitcoin miner maker company released their Q2 earning call on Tuesday. According to the released Q2 revenue report of Canaan, Company generated $167.5 million only in Q2. And this figure shows that this is the highest sales record of the Canaan. 

If we compare the revenue of Q2 by Q1, then this quarter revenue growth is around 168%. While Q2 2021 in growth by 500% over comparison with Q2 2020. 

This quarterly revenue report of Cannaan shows that they are getting huge improvement in their business of Bitcoin mining equipment sales and they generated net profit by $37.9 dollars. 

Here it is worth noting that, Company didn’t made any profit in Q1 because of the price drop. The net loss of the company in Q1 2021 was $33 million

The released report of Cannaan also shows that they delivers around 5.9 million terahashes per second through their mining equipment. And the sales of the mining equipment in the Q2 is almost double of the Q1. So here major sales of the services, made the company generate huge revenue.

Nangeng Zhang, Canaan CEO, stated

“the company’s Q2 performance as “remarkable,” adding, “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.” 

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