Canaan Creative, the Chinese Bitcoin mining hardware maker recently released its Q1 financial report and revealed that the overseas market accounted for around 4/5th of its overall sales. As revealed on Tuesday by the firm, it came to notice that it made a gross profit of $29.6 million for Quarter 1 on net revenue of $61 million.

Canaan Creative, Bitcoin Mining Hardware Maker Released Q1 Financial Report

The financial report also revealed that due to the rising number of pre-orders from the institutional purchasers during the period, its agreement accountability surged from $67 million as of December 31 to $184 million as of March 31.

Tong He, the CFO of Canaan Creative said:

“We delivered solid financial results in the quarter, with total net revenues increasing by 489.9% year over year. We have made meaningful progress in the expansion of our global customer base during the quarter”

As witnessed in the financial report of the first quarter of the last year, the overseas market sales were just 4.9%, but this time, it made up 78% of the Canaan sales in the first quarter.

This can be considered for the first time that Canaan has reported that its domestic sales were eclipsed by its overseas business.

Computing Powers Sales in the First Quarter

In addition to this, Canaan Creative revealed the amount of computing power that it sold in the first quarter and it amounts to 2 Exahash per second which is around 122% up year-over-year.

Bitmain, Canaan, and MicroBT, three of the major Chinese manufacturers are all set to record over $1 billion combined in the revenue of the year 2021 where the majority of the investment sources would come from the overseas institutions.

Moreover, it should be noted that the recent mining crackdown comment of China has also led the bitcoin miners to look for alternatives to tackle the impact.