The leading manufacturer of Bitcoin mining devices, Canaan, has published its report for the second quarter of 2021.
In the announced report, it was seen that the company sold 5.9 million terahash per second (TH / s) of hashing power during the second quarter. It broke a new record with a 126.9% increase compared to the same period in 2020 and a 200% increase compared to the first quarter of 2021.
Canaan generated gross income of $ 66 million, while net income of approximately $ 38 million. The company said this quarterly increase marked “the strongest quarterly sales in the company’s operating history.”
The growing interest of corporate buyers in mining equipment, especially in North America, played a significant role in the strong and stable sales growth of the company.
Canaan CFO Mr. James Cheng noted the company’s sales success;
“We report solid financial results for the quarter. Along with record revenue and net profit, our strong pre-order backlog, primarily from our overseas clients, generated large upfront payments, further strengthening our cash position.
This has enabled us to secure future hardware supplies, grow our research and development team, and make strategic investments.
At this time, we are fully aware of industry-wide challenges such as Bitcoin price volatility, regulatory uncertainties in different countries, as we continue to rely on our growth strategy, strong operational capabilities, and the enormous potential of the industry “.