Canaan, a major Chinese manufacturer of cryptocurrency miners, seems to have no difficulties with the local ban on crypto due to the fact that the company’s overall performance has continued to rise in 2022.
On Thursday, Canaan made the formal announcement of its financial results for the second quarter of 2022. The company said that its gross profit had increased by 117% compared to the same time in 2021. According to the company, the earnings for the second quarter amounted to 930 million renminbi (RMB), which is roughly equivalent to $139 million.
The net income of the firm for the second quarter was 608 million RMB, which is equivalent to $91 million, representing a 149% rise over the 425 million RMB earned during the same time period in the previous year. Canaan also found that the foreign currency translation adjustment in Q2 was a source of revenue, in contrast to earlier losses caused by the rise of the US dollar in relation to the RMB during Q2 of the current fiscal year.
The price of Bitcoin (BTC) fell below $20,000 in June, which was a challenge for Canaan during the second quarter, according to Nangeng Zhang, the CEO of the business. This was despite the fact that Canaan posted large earnings during the time.
Zhang said that Canaan has been working to grow its reach around the globe, notably via the establishment of its worldwide headquarters in Singapore. Additionally, the company has been aiming to grow its mining operation, which will result in increased Bitcoin production thanks to an enhanced power supply.