High-profile China-based crypto miner manufacturer Canaan seems to have not been affected by the local crypto barring, with the firm’s overall performance kept on increasing in 2022.

Specifically, Canaan reportedly issued an official announcement regarding the financial outcomes for Q2 of 2022 on August 18th, with a reportedly 117% surge in gross profit compared to the similar period of 2021. 

Per the company, the Q2 profits reportedly accumulated 930 million renminbi (RMB), or approximately $139 million.

The firm’s Q2 net income was 608 million RMB ($91 million), or a 149% surge from 425 million RMB in the similar period of 2021. Canaan revealed that foreign currency translation adjustment in Q2 was an income compared to previous losses caused by the U.S. dollar appreciation against RMB during Q2.

Regardless of the major profits reeled in, Canaan considered the second quarter a challenging time because of the fact that Bitcoin (BTC) dropped under the $20,000 benchmark in June, per the firm’s CEO, Nangeng Zhang. 

Zhang reportedly claimed that Canaan has been widening the expansion scope of its global footprint, especially opening up global headquarters in Singapore. 

The firm has also been putting in efforts to scale its mining operations, generating extra BTC with an enhanced power supply. As of late June, Canaan held a total of 346.84 BTC – equivalent to $8.1 million. 

“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.”

Canaan’ chief financial officer James Jin Cheng reportedly supported the CEO’s comments, claiming that the firm shares expectations for a tougher market environment from the lower Bitcoin price level, together with a rise in energy price and numerous pandemic and geopolitical uncertainties.