Chinese mining giant Canaan doubles profits despite the blanket crypto ban
Canaan profits soar in 2022 despite China's crackdown on crypto as well as the effects of the pandemic
By Shashank Bhardwaj
China has been pushing down on crypto this year, but Chinese miner manufacturer Canaan is facing no problems and continues to grow. According to their announcement, they have experienced a 117 percent increase in gross profit from the same period of 2021. Their Q2 profits amounted to 930 million renminbi (RMB), or approximately $139 million. The organisation’s Q2 net income was 608 million RMB, (or $91 million), a marked 149 percent jump from 425 million RMB in the same period last year.
Despite the impressive numbers, the CEO Nangeng Zhang said that the second quarter of 2022 has been a difficult period due to the tumbling crypto prices and the overall negative sentiments in the market. Amongst these struggles, he also noted, “The COVID-19 containment lockdown in key cities in China also brought severe disruptions to our daily operations and demand for our AI chips.”
The company is, however, showing no signs of slowing down and reportedly working on expanding their global presence, starting with establishing international headquarters in Singapore. They are also working towards scaling their mining business to generate more BTC with a better power supply.
In June, it was reported that Canaan holds 346.84 BTC, worth around $8.1 million. Zhang remarked, “We are fully aware of the downward pressure from the Bitcoin price since the last fourth quarter and expect it to bring prolonged headwinds to our performance in the coming quarters. Nevertheless, we believe in the unique value of Bitcoin and its long-term prospects.”
The Chief Financial Officer, James Jin Cheng, also seems to be on the same page that Canaan is bound to run into difficulties with the overall state of the market as well as the uncertainties brought on by the pandemic and the geopolitical environment. He says, “As the Bitcoin price further decreased in the second quarter, we responsively lowered our product price for spot sales to shoulder the pressure with our clients. [...] We expect the gross margin to decrease dramatically in the second half of this year.”
People are calling it the ‘crypto winter’ and the Chinese investors and companies would face the brunt of this since China’s blanket ban on crypto operations in September 2021 complicates things even further. Although this “great Chinese crypto ban” has forced many companies out of business or fleeing to set bases in other countries, China still stands as the second-largest Bitcoin mining country in January 2022. China hosts 21 percent of the global Bitcoin hash rate, only overtaken by the United States which produces 38 percent.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..