Bitcoin miner manufacturer Canaan posted the highest quarterly profit since its IPO in 2019

Despite Bitcoin’s (BTC) price drop in the second quarter of 2021, mining hardware maker Canaan posted significant business gains over the reporting period.

According to Canaan’s unaudited second quarter financial report released Tuesday, the company had total revenue of more than $ 1 billion in Chinese yuan (approximately $ 167.5 million) for the second quarter.

In fact, Canaan’s revenue increased 168% in the second quarter compared to the figure reported in the first quarter and 507.3% over the second quarter of 2020.

Total revenue wasn’t the only quarterly improvement in the second quarter as the report showed net income of $ 37.9 million for the period. According to the document, the number is the company’s highest quarterly profit since it went public in 2019.

As previously reported by Cointelegraph, Canaan posted a net loss of $ 33 million in the first quarter, despite the positive Bitcoin price trend that dominated the first few months of 2021.

Significant inventory purchases of large mining facilities improved Canaan’s Q2 sales and earnings performance. Tuesday’s report showed the company made a total of 5.9 hardware shipments in Q2, 2021 Q1.

Related: Nasdaq-listed Bitcoin miners urge China to open the door to green mining

Back in August, Genesis Digital Assets announced the purchase of 20,000 bitcoin miners from Canaan, with plans to buy another 180,000 rigs.

Canaan’s CEO Nangeng Zhang described the company’s second quarter performance as “remarkable,” adding, “Despite the unexpected dynamism of regulatory policy and the volatility of Bitcoin prices, we have hit computing power for our customers. “

At press time, Canaan’s share price is up more than 5% but has still hit its mid-March high of over $ 36 in 2021% since Jan. 1.