Despite the price decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded significant business gains during the period.
According to Canaan’s unaudited Q2 financials published on Tuesday, the company recorded over $1 billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker.
Indeed, Canaan’s Q2 revenue represents a 168% increase from the figures reported in its first-quarter financials and a 507.3% jump when compared to Q2 2020.
Total revenue was not the only quarterly improvement in Q2 as the report showed $37.9 million net profit for the period. According to the document, the figure marks the company’s highest quarterly net profit since its initial public offering back in 2019.
As previously reported by Cointelegraph, Canaan recorded a $33-million net loss in Q1 despite the positive Bitcoin price action that dominated the early months of 2021.
Significant inventory purchases from major mining establishments helped to improve Canaan’s revenue and