Despite the fee decline for Bitcoin (BTC) in Q2 2021, mining hardware maker Canaan has recorded great enterprise profits at some stage in the period.

According to Canaan’s unaudited Q2 financials posted on Tuesday, the enterprise recorded over $1 billion Chinese renminbi (about $167.five million) in general internet sales for Q2. This determine marks the best quarterly income for the Bitcoin miner maker.

Indeed, Canaan’s Q2 sales represents a 168% boom from the figures suggested in its first-zone financials and a 507.3% soar whilst in comparison to Q2 2020.

Total sales turned into now no longer the simplest quarterly development in Q2 because the document confirmed $37.nine million internet earnings for the period. According to the document, the determine marks the enterprise’s maximum quarterly internet earnings for the reason that its preliminary public supplying lower back in 2019.

As formerly suggested through Cointelegraph, Canaan recorded a $33-million internet loss in Q1 no matter the wonderful Bitcoin fee motion that ruled the early months of 2021.

Significant stock purchases from fundamental mining institutions helped to enhance Canaan’s sales and earnings overall performance in Q2. Tuesday’s document confirmed that the enterprise brought hardware totaling five.nine million terahashes in line with 2nd (TH/s) withinside the 2nd zone of 2021, a 200% boom from its transport figures from Q1.

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Back in August, Genesis Digital Assets introduced the acquisition of 20,000 Bitcoin miners from Canaan, with plans to shop for an extra 180,000 rigs.

Canaan CEO Nangeng Zhang defined the enterprise’s Q2 overall performance as “remarkable,” adding, “Despite sudden regulatory coverage dynamics and Bitcoin fee volatility, we done record-excessive topline consequences as we brought a strong five.nine million TH/s of computing electricity to our clients.”

As of the time of writing, Canaan’s proportion fee is up extra than five% however is but to suit its 2021 excessive above $36 recorded lower back in mid-March. The enterprise’s inventory continues to be internet wonderful for the 12 months in phrases of fee overall performance as it’s far up over 37% for the reason that Jan. 1.