Canaan nets record bitcoin miner sales with $167 million in Q2
September 15, 2021, 6:30AM EDT
1 min read
Bitcoin mining hardware manufacturer Canaan has realized a record quarterly revenue of $167 million for Q2 this year.
The firm said in an earnings report Wednesday that it sold 5.9 million terahashes per second (TH/s) of hashing power during the quarter, which means each TH/s of its Avalon equipment was priced at around $32. That amount of hash rate accounts for about 4% of the bitcoin network's total current hashing power.
Canaan said that this marks the "strongest quarterly sales in the company’s operating history," which is up five times year-on-year and more than 1.5 times over the first quarter.
After taking out the cost of goods sold that was used to manufacture the equipment ($101 million), Canaan brought home a gross profit of $66 million with a net income of just under $40 million.
That translates to a 40% gross profit margin for Canaan's miner manufacture business line.
Canaan's sales record was largely thanks to the increasing level of investment poured into mining equipment from institutional buyers since the start of the year, particularly those in North America.
As of June 30, Canaan had $161 million worth of contract liabilities for equipment pre-orders that it is yet to deliver to its customers.
The firm expects its revenues for the third quarter to "have a sequential increase of 10% to 30%."
Over the past two months, the firm has sold at least 40,000 units of mining equipment to Mawson, Hive Blockchain and Genesis Digital Assets.
Canaan also said in June that it has started to self-mine bitcoin in Kazakhstan amid China's crackdown on crypto mining.
Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency.
The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana.
We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come.
LMAX Group robust technology and familiar institutional grade trading infrastructure (currently processing over 2 billion orders per day in the global FX market) is the solid backbone of LMAX Digital, delivering access to deep institutional liquidity, transparent price discovery, a regulated trading environment and a full custodian trading solution.