BGIN Blockchain Ltd
bgin.ioWhat Do They Do?
Mines cryptocurrencies, sells mining machines, and provides mining-pool and hosting services to miners and distributors.
20-F for FY2025, filed Apr 28, 2026Through our operating subsidiaries, we are a digital asset technology company based in Singapore, Hong Kong and the U.S. with proprietary…View ↗
Over time, we have scaled our business and presently operate through subsidiaries located in the United States, Hong Kong and Singapore. We…View ↗
We design our mining machines to address the needs of miners of all sizes. Different models of our machines cater to a diverse range of…View ↗
How Do They Make Money?
Mining is the largest business: it earns block rewards and transaction fees when it validates blocks, and receives cryptocurrency from third-party pools for computing work. Machine buyers pay in full before delivery; hosting brings service fees, while the company-operated pool keeps a percentage of rewards from participant payouts.
20-F for FY2025, filed Apr 28, 2026The Company recognizes revenue at the point-in-time when the block is successfully validated. In accordance with ASC 606-10-32-21, the…View ↗
The Company also enters into third-party cryptocurrency mining pools, by executing contracts with the mining pool operators to provide hash…View ↗
Delivery. Delivery will be promptly arranged after the order is paid in full. We use third-party carriers to deliver the machines. Delays…View ↗
We design our mining machines to address the needs of miners of all sizes. Different models of our machines cater to a diverse range of…View ↗
Since September 2023, we have been providing mining pool services, which currently support the mining of KAS, through which we generate…View ↗
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20-F for FY2025, filed Apr 28, 2026
FY2025 revenue by product or service ↗
$67.4M
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20-F for FY2025, filed Apr 28, 2026
$67.4M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Mining revenue
Usage-based
20-F for FY2025, filed Apr 28, 2026 |
64% |
Mining revenue, FY2025
$42.9M Sources
|
Usage-based |
|
Sales of mining machines
Sold outright
20-F for FY2025, filed Apr 28, 2026 |
23% |
Sales of mining machines, FY2025
$15.3M Sources
|
Sold outright |
|
Hosting revenue
|
5.0% |
Hosting revenue, FY2025
$3.3M Sources
|
|
|
Mining pool revenue
Usage-based
|
8.7% |
Mining pool revenue, FY2025
$5.9M Sources
|
Usage-based |
Who Are Their Customers?
Individual miners and distributors buy the machines, mainly through the company’s website; distributors resell them to end users. Some machine buyers can also choose hosting services.
20-F for FY2025, filed Apr 28, 2026Customers who purchase our mining machines include individual miners, who use our machines for their own mining purposes, and distributors…View ↗
Our machines are available for purchase only through our website, iceriver.io. Customers may view and place orders for machines they intend…View ↗
We design our mining machines to address the needs of miners of all sizes. Different models of our machines cater to a diverse range of…View ↗
20-F for FY2025, filed Apr 28, 2026
During the year ended December 31, 2025, one customer accounted for more than 10% of the Company’s total revenue, representing 15.92%.…View ↗
Do Revenues Turn Into Profits?
No. It lost $177M in FY2025.
20-F for FY2025, filed Apr 28, 2026
−$176.1MView ↗
20-F for FY2025, filed Apr 28, 2026
−$177MView ↗
20-F for FY2025, filed Apr 28, 2026
−$171.1MView ↗
How Are They Changing?
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