From Startup to Mining Powerhouse
Founded in 2019, Bgin Blockchain has rapidly evolved from a niche crypto operation into a global mining player. Its U.S. SEC registration statement describes the company as specializing in “alternative currencies,” with a dual business model centered on cryptocurrency mining and machine manufacturing.
In fiscal 2023, nearly all of Bgin’s revenue came from mining operations. By mid-2024, however, the design and sale of mining machines accounted for roughly 85% of total revenue, signaling a major strategic shift.
The company’s subsidiaries design and sell machines powered by proprietary 8nm and 12nm ASIC chips, optimized for mining KAS, ALPH, and RXD coins. Its customer base spans Hong Kong, the United States, and Southeast Asia. The firm reported selling 67,998 machines in 2023 and 47,252 in the first half of 2024.
A Testament to Innovation Amid Market Volatility
Bgin attributes its success to the robust design of its hardware and its subsidiaries’ research and development prowess. Despite the volatile nature of the cryptocurrency market and increasing regulatory pressure, the company’s leadership remains confident in the growing demand for efficient mining technologies.
Bgin initially filed for its IPO in February 2025, proposing to sell 59 million Class A and 15 million Class B shares with a target of $50 million. The reduced goal underscores a more pragmatic approach to market conditions, as global investors remain cautious amid fluctuating crypto valuations.
