Bgin Blockchain Ltd

Through its operating subsidiaries, the company is a digital asset technology firm based in Singapore, Hong Kong, and the U.S., specializing in proprietary cryptocurrency-mining technologies with a strategic focus on alternative cryptocurrencies. For the fiscal year ended December 31, 2022, the company generated nearly all of its revenue from cryptocurrency mining. Since April 2023, it has also generated revenue from selling mining machines designed in-house, with sales of these machines accounting for approximately 85.43% and 65.71% of total revenue for the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, respectively.

The company’s subsidiaries design and sell mining machines equipped with proprietary 8nm or 12nm ASIC chips under various series dedicated to mining KAS coins, ALPH coins, and RXD coins. These machines are exclusively available for purchase through the company’s website, iceriver.io, where customers can view and place orders directly. Additionally, customers have the option to enroll in the company’s miner hosting services, which involve the operation and management of mining machines on their behalf in exchange for service fees.

Customers purchasing mining machines from the company’s subsidiaries are primarily based in Hong Kong, the U.S., and Southeast Asia. For the fiscal year ended December 31, 2023, and the six months ended June 30, 2024, the company sold a total of 67,998 and 47,252 mining machines, respectively, to customers worldwide.