Mining equipment provider Canaan announced that despite the company’s market conditions, its revenue increased by 53 percent to approximately $247 million.
Despite the difficult period, Canaan managed to exceed the earnings targets set for its shares. bitcoinmining equipment company canaanNangeng Zhang, CEO of Nangeng Zhang, described the second quarter as a “challenging period” due to the falling Bitcoin price and the COVID-19 quarantines in various cities in China.
Canaan Anticipates It Will Be Difficult In The Post-Quarter Period
Bitcoin miners’ gains dwindled after a market crash in early June that drove the price of Bitcoin (BTC) below $20,000. In addition, the culmination of the war in Ukraine in recent months and rising energy prices were among the reasons why miners’ earnings fell. Canaan increased its revenue by 53 percent during this period to approximately $247 million.
CEO of the company Nangeng Zhang, bitcoin He described the past quarter as a “challenging period” due to the price drop below $20,000 in June and the COVID-19 quarantines in various cities in China. Zhang added that the low Bitcoin price will “bring prolonged headwinds to our performance in the coming quarters.”
Company CFO James Jin ChengHe said the following on the subject:
“We look forward to the coming quarters. We foresee a more challenging market environment driven by the lower Bitcoin price, generally rising energy prices, and various pandemic and geopolitical uncertainties globally. All of these can jeopardize demand and price for our products.”
