What BGIN Blockchain does

BGIN Blockchain Limited is a Singapore-headquartered, Nasdaq-listed (ticker: BGIN) digital asset technology company that designs and manufactures proprietary ASIC-based cryptocurrency mining hardware under its ICERIVER brand, operates self-mining and mining pool operations, and provides mining machine hosting services. Founded in Hong Kong in 2019, the company has built vertically integrated capabilities spanning ASIC chip design, hardware engineering, mining machine production, mining pool management, and hosted infrastructure across sites in Singapore, the United States (Omaha, NE; York, NE), and Hong Kong. Its current installed footprint includes approximately 5,262 mining machines, 22 MW of hosting capacity, and an average hashrate of 8.3 EH/s across five locations.

The company has executed seven consecutive successful ASIC tape-outs since 2022, including nine self-developed chips at 12nm and 8nm process nodes, and most recently a 4nm BT1 Bitcoin mining ASIC chip that achieved first-pass silicon success in March 2026. Its product portfolio covers mining machines for Kaspa (KS Series), Alephium (AL Series), Radiant (RXD), and Aleo (AE Series), with the BT1 Bitcoin mining machine series forthcoming in early 2026 and a new ASIC Chip Customization Solutions business launched in May 2026 for third-party PoW protocol customers. Reported FY2025 revenue was $67.4 million across self-mining ($42.9M), machine sales ($15.3M), mining pool ($5.9M), and hosting ($3.3M), following a deliberate strategic pivot away from legacy altcoin operations toward Bitcoin and Dogecoin mining infrastructure.

The business model combines hardware unit sales through the iceriver.io e-commerce platform and direct enterprise channels, recurring hosting and mining pool service revenue, self-mining income, and nascent professional services revenue from ASIC chip customization. Pricing is largely negotiated or quote-based, with published price points such as the ICERIVER ALEO AE3 at $5,999 per unit and monthly-in-advance hosting billing. The company completed an IPO on Nasdaq Global Market in October 2025, raising approximately $30 million in gross proceeds at $6.00 per share.

Name

BGIN Blockchain

Legal name

BGIN Blockchain Limited

Website

https://bgin.com

Company type

Public

Founded year

2019

Operating status

Operating

Headcount range

101–250 employees

Short description

BGIN Blockchain is a Singapore-headquartered, Nasdaq-listed (BGIN) cryptocurrency mining infrastructure company that designs proprietary ASIC chips, manufactures ICERIVER-branded mining machines for Kaspa, Alephium, Radiant, Aleo, and Bitcoin, and operates self-mining, hosting, and mining pool services globally.

Ownership category

akta.pro rank

Product category

Cryptocurrency Mining Hardware

NAICS

Mining Machinery and Equipment Manufacturing (333131), Mining and Oil and Gas Field Machinery Manufacturing (33313), Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services (518210)

SIC

Mining Machinery & Equip (No Oil & Gas Field Mach & Equip) (3532)

akta.pro primary industry

Mining Hardware (ASIC/GPU) Manufacturing & Distribution (FSADAOAD)

akta.pro secondary industries

Mining Hosting, Colocation & Managed Facilities (FSADAOAE), Cloud Mining & Hashrate Marketplace Services (FSADAOAC), Mining Software, Firmware & Monitoring Platforms (FSADAOAF), Mining Infrastructure & Energy Procurement (Power, Cooling, Grid Services) (FSADAOAG)

Keywords

• Cryptocurrency mining hardware
• ASIC chip design
• Mining hosting services
• Mining pool operations
• Blockchain infrastructure

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Infrastructure, Supply Chain, Operations, Personnel, Marketing or Sales

Revenue model

1. Mining Machine Sales: Sale of proprietary ICERIVER-branded cryptocurrency mining hardware (KAS, ALPH, RXD, ALEO, and Bitcoin mining machines). Revenue from machine sales was US$15.3 million in FY2025, down from US$192.2 million in FY2024 due to lower volumes and prices driven by increased competition in the KAS mining machine market.
2. Cryptocurrency Mining (Self-Mining): Self-mining operations using proprietary mining machines. Mining revenue was US$42.9 million in FY2025, compared to US$45.0 million in FY2024. The change was mainly due to a lower average price of ALPH and the cessation of IRON mining during fiscal 2025.
3. Mining Pool Revenue: Revenue generated from the company's self-managed mining pool operations. Pool revenue was US$5.9 million in FY2025, down from US$58.8 million in FY2024, primarily due to lower average KAS prices and strategic reduction in altcoin mining.
4. Hosting Services: Hosting services for customers' mining machines, including machine management, electricity billing, and ongoing maintenance. Hosting revenue was US$3.3 million in FY2025, compared to US$6.2 million in FY2024, driven by reduced demand due to KAS price volatility.
5. ASIC Chip Customization Solutions: Chip design, hardware optimization, and manufacturing coordination services offered to third-party external customers for the first time. BGIN completed its inaugural delivery of 3,000 customized PoW mining machines to a PoW protocol project customer in May 2026, representing a new revenue diversification opportunity.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

BGIN Blockchain designs, manufactures, and sells proprietary ASIC-based cryptocurrency mining machines under the ICERIVER sub-brand, including models for Kaspa (KS Series), Alephium (AL Series), Radiant (RX Series), ALEO (AE Series), and Bitcoin (BT1 Series). The company also operates self-mining sites, a self-managed mining pool, third-party mining machine hosting services across 22 MW of capacity, and an ASIC Chip Customization Solutions business that provides chip design, hardware optimization, and manufacturing coordination to external enterprise customers.

Product overview

BGIN Blockchain is a digital asset technology company operating primarily as a cryptocurrency mining hardware manufacturer and infrastructure provider. The company's product portfolio centers on the ICERIVER sub-brand, which encompasses proprietary ASIC-based mining machines (including KS Series for Kaspa, AL Series for Alephium, RX Series for Radiant, and AE Series for Aleo), mining infrastructure hosting services, and the ICERIVER Hosting app. BGIN has developed its own ASIC chip design capabilities, most notably the 4nm BT1 Bitcoin mining chip, powering the upcoming BT1 Bitcoin mining machine series. The company operates a three-engine business model combining mining hardware sales, self-mining operations, and hosting services, with a recent expansion into ASIC Chip Customization Solutions for third-party customers. BGIN listed on NASDAQ in October 2025 and is strategically pivoting from altcoin-focused operations toward Bitcoin and Dogecoin mining infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• ICERIVER: Mining machine brand under BGIN Blockchain Limited, manufacturing cryptocurrency mining hardware including KAS, ALPH, RXD, AE series miners

Products and services

• ICERIVER KS Series Mining Machines ASIC-based mining machines supporting Kaspa (KAS) cryptocurrency. Includes KS7 (30 TH/s at 3,500W) for professional miners, KS7 Lite (4.2 TH/s at 500W) for home miners, and earlier KS5L, KS3L, KS3M, KS3, KS2, KS1, KS0 Pro, and KS0 models. Fully compatible with NiceHash services.
• ICERIVER ALEO AE3 Miner Industrial-grade ASIC miner engineered for the ALEO network, delivering 2 GH/s hashrate at 3,400W power consumption with 1.70 J/M energy efficiency. Designed for stable continuous operation in demanding mining environments.
• ICERIVER AE0 Miner Entry-level mining machine optimized for the ALEO blockchain ecosystem. Delivers 60 MH/s hash rate at 100W power consumption with 1.67 J/MH energy efficiency, utilizing self-developed high-efficiency ASIC chips and proprietary algorithms.
• ICERIVER AL Series Mining Machines Mining hardware products designed for Alephium (ALPH) cryptocurrency mining, part of BGIN's ICERIVER portfolio of proprietary mining solutions.
• ICERIVER RX Series Mining Machines Mining hardware products designed for Radiant (RXD) cryptocurrency mining, part of BGIN's ICERIVER proprietary mining machine portfolio.
• BT1 Bitcoin Mining Machine Series Bitcoin mining machines powered by BGIN's proprietary 4nm BT1 ASIC chip, representing the company's strategic expansion into Bitcoin mining infrastructure.
• ICERIVER Hosting Services

Quantifiable outcome

• AE0 miner achieves 60 MH/s at 100W, delivering 1.67 J/MH energy efficiency — six times better efficiency than the closest competitor
• +3 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature8 records

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Bitmain: Bitmain is the dominant ASIC mining hardware manufacturer (Antminer line) for Bitcoin and other PoW networks. Directly comparable to BGIN as a vertically integrated chip designer, machine vendor, and mining operator; the two companies sell competing hardware into overlapping customer pools.
• MicroBT: MicroBT designs WhatsMiner ASIC miners and is the second-largest Bitcoin ASIC hardware vendor after Bitmain. Comparable to BGIN in targeting SHA-256 mining efficiency and selling branded rigs to professional miners globally.
• Canaan Inc. Canaan is a publicly listed (NASDAQ: CAN) ASIC mining hardware designer and manufacturer of Avalon miners. Directly comparable to BGIN as a NASDAQ-listed, vertically integrated chip-to-mining-machine company.
• Bitfury: Bitfury is a privately held full-service blockchain infrastructure company that designs ASIC chips, builds mining hardware, and operates mining and hosting facilities. Closely comparable to BGIN's vertically integrated chip → hardware → mining → hosting model.

Broad incumbents

• Marathon Digital Holdings: Marathon Digital is a large, publicly listed Bitcoin mining operator (NASDAQ: MARA). Comparable to BGIN's self-mining and hosting segments, though Marathon does not design its own ASIC chips and relies on third-party hardware.
• Riot Platforms: Riot Platforms is a major publicly listed Bitcoin miner and hosting provider (NASDAQ: RIOT) with multi-hundred-megawatt facilities. Comparable to BGIN's hosting and self-mining operations at a much larger scale.
• CleanSpark: CleanSpark is a publicly listed Bitcoin mining operator and hosting provider (NASDAQ: CLSK) with focus on energy efficiency. Comparable to BGIN's hosted mining and self-mining infrastructure business.
• Hut 8 Corp. Hut 8 is a publicly listed digital asset mining and infrastructure company (NASDAQ: HUT) operating industrial-scale mining and hosting. Comparable to BGIN's self-mining and managed hosting operations.
• Core Scientific: Core Scientific is a publicly listed (NASDAQ: CORZ) Bitcoin mining and hosting company that emerged from bankruptcy in 2024. Comparable to BGIN's hosting infrastructure and self-mining segments with similar capital-intensity dynamics.

Emerging players

• Ebang International Holdings: Ebang is a publicly listed (NASDAQ: EBON) Chinese ASIC mining hardware designer and former manufacturer of Ebit miners. Comparable to BGIN as a smaller, publicly listed ASIC hardware competitor now repositioning around blockchain and crypto-related businesses.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/Bgin_Blockchain
• LinkedInlinkedin.com/company/bgin

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BGIN Blockchain