Despite the price decline for Bitcoin (BTC) in Q2 2022, mining hardware maker Canaan has recorded meaning business gains during the catamenia.

Co-ordinate to Canaan's unaudited Q2 financials published on Tuesday, the company recorded over $one billion Chinese renminbi (about $167.5 million) in total net revenue for Q2. This figure marks the highest quarterly sales for the Bitcoin miner maker.

Indeed, Canaan'due south Q2 revenue represents a 168% increment from the figures reported in its first-quarter financials and a 507.iii% leap when compared to Q2 2022.

Total revenue was not the but quarterly improvement in Q2 as the report showed $37.ix million net profit for the catamenia. According to the certificate, the figure marks the company'south highest quarterly net profit since its initial public offering back in 2022.

Every bit previously reported past Cointelegraph, Canaan recorded a $33-million net loss in Q1 despite the positive Bitcoin price action that dominated the early months of 2022.

Significant inventory purchases from major mining establishments helped to improve Canaan's acquirement and profit functioning in Q2. Tuesday's report showed that the company delivered hardware totaling 5.9 million terahashes per 2nd (Th/southward) in the second quarter of 2022, a 200% increase from its delivery figures from Q1.

Related: Nasdaq listed Bitcoin miners urge Red china to open doors to green mining

Back in August, Genesis Digital Assets announced the buy of xx,000 Bitcoin miners from Canaan, with plans to buy an additional 180,000 rigs.

Canaan CEO Nangeng Zhang described the company'southward Q2 performance equally "remarkable," adding, "Despite unexpected regulatory policy dynamics and Bitcoin toll volatility, we achieved record-high topline results as we delivered a robust five.9 million Th/south of computing power to our clients."

As of the time of writing, Canaan's share price is up more than than 5% merely is yet to match its 2022 loftier in a higher place $36 recorded dorsum in mid-March. The visitor'south stock is still net positive for the year in terms of cost performance equally it is upward over 37% since Jan. 1.