Leading Bitcoin Mining device manufacturer Canaan has released its second quarter 2021 report.
In the announced report, it was seen that the company sold 5.9 million terahash per second (TH/s) hash power during the second quarter. It broke a new record with an increase of 126.9% compared to the same period of 2020 and an increase of 200% compared to the first quarter of 2021.
Canaan generated gross revenue of $66 million while net income of approximately $38 million. The company said this quarter-on-quarter increase marked “the strongest quarterly sales in the company’s operating history.”
The increasing interest of corporate buyers in mining equipment, especially in North America, played an important role in the company’s strong and stable sales growth.
Canaan’s Chief Financial Officer, Mr. James Cheng, pointed out the company’s sales success;
“We reported solid financial results for the quarter. Alongside record revenue and net profit, our strong pre-order book, mainly from our overseas customers, brought in ample upfront payments, further strengthening our cash position.
This has allowed us to secure future hardware supply, grow our research and development team, and make strategic investments.
At this time, we are fully aware of the industry-wide challenges such as Bitcoin price volatility, regulatory uncertainties in different countries, as we remain confident in our growth strategy, solid operating capabilities, and the industry’s enormous potential.”