Major Chinese Crypto Mining Company Has Doubled Profits Despite the Ban

Canaan is expanding, not being affected by either the Bitcoin crash or the Chinese ban.

Major Chinese Crypto Mining Company Has Doubled Profits Despite the Ban

Canaan, a major Chinese crypto miner manufacturer, seems to have no problems with China's crypto ban as they are continually growing. The outcome of their finances showed an increase of 117% from the same time in 2021.

Yet, even with the profits, Canaan found it difficult in the second quarter because of Bitcoin's (BTC) dropping in June. Therefore, they are trying to increase their international existence, especially in Singapore.

CEO of Canaan said:

"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."

James Jin Cheng, Canaan's chief executive officer, expressed a similar sentiment, saying:

"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."

Bitcoin's plummet has brought many problems to a lot of people but Canaan seems to be doing quite well. They are still standing and continue to grow, outsourcing to foreign countries, since the Chinese ban is still in full effect. On the other hand, the country still remains number two in mining Bitcoin to this day.

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