Major Chinese cryptocurrency miner manufacturer Canaan appears to have no issues with the local ban on crypto, as the company’s overall performance has continued to grow in 2022.
Canaan officially announced financial results for the second quarter of 2022 on Thursday, reporting a 117% increase in gross profit from the same period of 2021. According to the firm, the Q2 profits amounted to 930 million renminbi (RMB), or nearly $139 million.
The company’s Q2 net income was 608 million RMB, or $91 million, or a 149% increase from 425 million RMB in the same period last year. Canaan noted that foreign currency translation adjustment in Q2 was an income compared to previous losses due to the U.S. dollar appreciation against RMB during Q2.
Despite posting significant profits, Canaan has found the second quarter a challenging period due to Bitcoin (BTC) plummeting below $20,000 in June, the company's CEO Nangeng Zhang said.
“The COVID-19 containment lockdown in key cities in China also...
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