Crypto mining hardware manufacturer and computing solutions provider Canaan recently released its unaudited financial results for the second quarter ended 30 June 2021. The company’s net revenues reached $167.5 million in the latest quarter, the highest in the company’s operating history. Canaan reported a massive turnaround in terms of net income. The crypto mining sector faced a backlash from regulators across the world recently, especially in China.
Canaan’s net income touched $37.9 million in Q2 2021.
In terms of net income, Canaan reported a massive turnaround. The crypto mining equipment manufacturer company’s net income touched $37.9 million in Q2 2021, compared to a net loss of RMB 16.8 million during the same period in 2020. Canaan posted a gross profit of $66.2 million in Q2 2021, which is up by nearly 887% compared to the same period last year. Canaan’s total computing power sold in the latest quarter was 5.9 million Thash/s, up 126.9% from 2.6 million Thash/s in the same period of 2020 and up 200.0% from 2.0 million Thash/s in the first quarter of 2021, another record high.
Canaan plans to continue to deploy computing power to Bitcoin mining.
“We delivered a remarkable performance in the second quarter of 2021. Despite unexpected regulatory policy dynamics and Bitcoin price volatility, we achieved record-high topline results as we delivered a robust 5.9 million Thash/s of computing power to our clients. During the second quarter and recently, we also secured substantial preorders, thanks to the effective execution of our strategies, including business development in the overseas markets, institutional client relationship building, and strengthening our supply chain,” Nangeng Zhang, Chairman and Chief Executive Officer of Canaan, commented. He added that they plan to continue to deploy computing power to grasp the tremendous opportunities of Bitcoin mining.