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Since its IPO in 2019, Canaan, one of the top Bitcoin miner manufacturers on the market, has posted a record profit in the first quarter of 2021.

Despite the drop in the value of the primary cryptocurrency on the market in the second quarter of 2021, the Chinese producer saw substantial growth in its business. Canaan officials recently produced a report stating that the company’s total net revenues for the previous quarter exceeded 1 billion yuan, or $167.5 million.

As a result, revenue in the second quarter is 168 percent greater than the first-quarter indications in the company’s financial report for 2021. Compared to Canaan’s metrics for the second quarter of 2020, the growth rate is above 507.3 percent. Remember that Canaan had a considerably less successful first quarter of this year, with a net loss of more than $33 million. The strange thing is that Bitcoin dominated the market at the time, with strong gains in the first months of 2021.

Net income, which topped $37.9 million in the same period, was another “quarterly improvement” in addition to total net sales. It was also the highest since Canaan’s initial public offering in 2019.

The significant purchases made by Canaan’s main mining corporations are most likely to blame for the performance improvement. They provided them with a total capacity of more than $5.9 million TH/s, more than double what Canaan provided in the first quarter of this year.

Genesis Digital Assets, for example, has purchased 20,000 Bitcoin miners from Canaan after a successful collaboration, with plans to raise the purchase to 180,000 devices in the future.

Against this backdrop of good news, its stock price increased by more than 5%, but it remains short of the yearly high of over $36. In March of this year, it was recorded. Although, in general, the dynamics are encouraging since Canaan shares have increased by about 40% since January 2021.

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