The mining rig manufacturer Canaan saw steady profits during the Q1 after reporting its unaudited first quarter 2021 financial results on Tuesday. Canaan noted that it expects to at least sustain current profits or rise above to roughly $150 to $250 million in revenue for Q2.
Canaan Expects $250M in Revenue for Q2 – Company Recognizes It’s Hard to Predict With Current Bitcoin Volatility
On Tuesday, the China-based ASIC mining rig maker Canaan (Nasdaq: CAN) published the firm’s unaudited first quarter 2021 financial results and the company did well this year. The amount of hashrate sold jumped by 122% compared to the same period of 2020. Additionally, Canaan saw a “larger volume of sales orders of bitcoin mining machines” during the first quarter. Total net revenue was around 402 million yuan or $61.5 million according to Canaan’s unaudited financial records.
“Our financial performance improved significantly in the quarter, driven by the Bitcoin price rally, higher customer demand for