China-based cryptocurrency mining company Canaan announced its financial results for the second quarter of 2022. According to the company, Q2 profit amounted to approximately 139 Million USD.
The company's Q2 net income amounted to 91 Million USD, an increase of 149% compared to the same period last year.
The company's CEO Nangeng Zhang said that although Canaan made significant profits, he sees the second quarter as a challenging period as Bitcoin (BTC) fell below $20,000 in June.
Canaan's Chief Financial Officer James Jin Cheng echoed the CEO's remarks, stating that the company expects a more challenging market environment due to the low Bitcoin price level, as well as the rising energy price and various pandemic and geopolitical uncertainties.
