Miner Producer Canaan Announces Record Second Quarter Revenue

China-based Canaan, which produces the devices needed for Bitcoin (BTC) mining, posted a net income of $167.5 million for the second quarter, showing a growth of more than two and a half times compared to the first quarter of this year.

  • Canaan sold more minerals compared to previous periods, 168.6% compared to the first quarter of the year; compared to the second quarter of the previous year, it earned 507.3% more revenue.

  • In his own name with a net income of $167.5 million record-breaking leaving behind a quarter, Canaan throughout the quarter predominantly North America received large orders from miners outside of China.

  • Announcing a sales cost of $101.4 million and a gross profit of $66.2 million, the company experienced its most profitable period with a net profit of $37.9 million.

  • With $189 million in cash and cash equivalents, Canaan’s provisions for liabilities amount to $161.2 million as of June 30, 2021.

  • Nangeng Zhang, CEO of Canaan, stated that the total of the diggers they sold during the period 5.9 million TH/s announced that it has hash power.

  • This number is the total in Bitcoin 134.4 million TH/s It accounts for about 4.3% of the hash power.

  • Canaan expects revenue growth of 10% to 30% in the next quarter.

Miner Producer Canaan Announces Record Income for the Second Quarter The article was prepared by Ömer SAKMAR and published on koinbulteni.com.