v3.26.1
Revenue by Categories
 12 Months Ended
Dec. 31, 2025
Revenue by Categories [Abstract]  
REVENUE BY CATEGORIES
15. REVENUE BY CATEGORIES

 

Revenue by products or services

 

For the years ended December 31, 2025, 2024 and 2023, the Company operates in a single operating segment that mainly includes: 1) cloud mining solutions services; 2) self-mining; 3) sale of mining equipment; and 4) hosting services and others.

 

The following table summarizes the revenue generated from different revenue streams:

 

   For the Year Ended December 31, 
   2025   2024   2023 
Cloud mining solutions   352,584    271,036    178,044 
Bitcoin self-mining revenue   63,087    157,511    100,197 
Sales of mining equipment   53,725    30,463    
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Hosting services and others   8,136    4,320    5,865 
Total revenues   477,532    463,330    284,106 

 

Revenue by geographical location

 

The following table also summarizes the revenue (excluding self-mining revenue) generated from different continents:

 

   For the Year Ended December 31, 
   2025   2024   2023 
   Amount   %   Amount   %   Amount   % 
                         
North America   64,446    16%   155,736    51%   99,043    54%
Asia   108,279    26%   91,868    30%   31,113    17%
Africa   158,617    38%   8,394    3%   3,233    2%
Oceania   75,786    18%   7,777    3%   1,929    1%
Europe   2,877    1%   41,298    14%   47,372    26%
Others   4,440    1%   746    1%   1,219    1%
Total revenue (1)   414,445    100%   305,819    100%   183,909    100%

 

The basis for attributing revenues by continents is based on the customers’ KYC information, which indicates the country or region where a corporate customer was incorporated or the place of residence of an individual customer.

 

(1) Total revenue excludes Bitcoin self-mining revenue.

Revenue by consideration

 

The amount of revenue recognized from receipt of digital assets and receipt of U.S. dollars is presented separately as follows:

 

   Year Ended December 31, 
   2025   2024   2023 
             
Revenue recognized in digital assets payment   474,274    434,600    284,106 
Revenue recognized in U.S. dollars payment   3,258    28,730    
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    477,532    463,330    284,106