v3.26.1
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting

15. Segment Reporting

 

During the years ended December 31, 2025, 2024 and 2023, the Company operated in two primary reportable segments, which were the cryptocurrency mining, which included mining revenue and mining pool revenue, and the sale of mining machines. Other business activities that are currently not classified as a reportable segment is combined in the category of “Other”. The Company does not allocate assets to the reporting segments because its assets are managed on an entity-wide basis and, therefore, does not separately disclose the total assets of its reportable operating segments.

 

Year ended December 31, 2025  Cryptocurrency
mining		   Sale of mining
machines		   Other   Total 
   US$   US$   US$   US$ 
Revenue   48,801,605    15,254,872    3,339,426    67,395,903 
Costs of revenues – excluding depreciation   48,206,495    71,207,327    2,589,131    122,002,953 
Costs of revenues – depreciation   20,930,507    
—
    54,849    20,985,356 
Segment gross (loss) profit   (20,335,397)   (55,952,455)   695,446    (75,592,406)
Impairment of property and equipment   42,570,833    
—
    
—
    42,570,833 
Segment (loss) profit after impairment of property and equipment   (62,906,230)   (55,952,455)   695,446    (118,163,239)
Selling expenses                  393,458 
General and administrative                  13,868,940 
Research and development                  20,191,147 
Change in fair value of cryptocurrencies                  23,355,675 
Realized loss on future contracts                  560,492 
Rewards earned from crypto short-term investments                  (438,266)
Other gain – interest income                  (942,892)
Other (income) expenses, net                  (729,507)
Foreign exchange loss                  189,490 
Income before income taxes                  (174,611,776)
Current income taxes                  228,677 
Deferred income taxes                  2,112,353 
Net loss                  (176,952,806)

Geographic revenue information for sale of mining machines for the year ended December 31, 2025 is as follows:

 

Geographic location

  US$ 
Hong Kong, China   13,471,227 
United States (the U.S.)   1,155,163 
Others   628,482 
Total revenue from sale of mining machines   15,254,872 

 

For the year ended December 31, 2025, total mining revenue from third-party mining pools amounted to US$10,753,859. All of the Company’s mining revenue from third-parties were derived from customers located in Hong Kong.

 

 

Year ended December 31, 2024

  Cryptocurrency
mining		   Sale of mining
machines		   Other   Total 
   US$   US$   US$   US$ 
Revenue   103,868,145    192,162,144    6,247,292    302,277,581 
Costs of revenues – excluding depreciation   78,561,986    81,713,511    4,712,409    164,987,906 
Costs of revenues – depreciation   9,418,434    
—
    185,331    9,603,765 
Segment gross profit   15,887,725    110,448,633    1,349,552    127,685,910 
Impairment of property and equipment   16,297,933    
—
    
—
    16,297,933 
Segment (loss) profit after impairment of property and equipment   (410,208)   110,448,633    1,349,552    111,387,977 
Selling expenses                  702,916 
General and administrative                  7,157,554 
Research and development                  16,374,310 
Change in fair value of cryptocurrencies                  8,446,437 
Realized loss on future contracts                  726,746 
Rewards earned from crypto short-term investments                  (3,653,722)
Other (income) expenses, net                  338,351 
Foreign exchange loss                  509,319 
Income before income taxes                  80,786,066 
Current income taxes                  16,757,614 
Deferred income taxes                  (2,112,353)
Net income                  66,140,805 

 

Geographic revenue information for sale of mining machines for the year ended December 31, 2024 is as follows:

 

Geographic location

  US$ 
Hong Kong, China   63,880,356 
United States (the U.S.)   44,794,605 
Singapore   30,368,587 
Taiwan, China   9,376,924 
Vietnam   7,465,468 
The BVI   6,337,092 
England and Wales   5,226,816 
Malaysia   5,220,935 
Hungary   4,495,840 
Others   14,995,521 
Total revenue from sale of mining machines   192,162,144 
Year ended December 31, 2023  Cryptocurrency
mining		   Sale of mining
machines		   Other   Total 
   US$   US$   US$   US$ 
Revenue   37,003,196    219,782,989    482,186    257,268,371 
Costs of revenues – excluding depreciation   29,577,616    25,389,335    453,052    55,420,003 
Costs of revenues – depreciation   2,639,240         35,785    2,675,025 
Segment gross profit   4,786,340    194,393,654    (6,651)   199,173,343 
Selling expenses                  1,148,308 
General and administrative                  14,570,383 
Research and development                  10,099,575 
Change in fair value of cryptocurrencies                  (312,722)
Other (income) expenses, net                  (37,039)
Foreign exchange loss                  131,366 
Income before income taxes                  173,573,472 
Current income taxes                  34,090,755 
Deferred income taxes                  

(278,065

)
Net income                  139,760,782 

 

Geographic revenue information for sale of mining machines for the year ended December 31, 2023 is as follows:

 

 

Geographic location

  US$ 
Hong Kong, China   66,540,832 
United States (US)   41,062,523 
Singapore   35,128,651 
Taiwan, China   18,299,139 
Vietnam   44,775,855 
The BVI   4,127,967 
Others   9,848,022 
Total revenue from sale of mining machines   219,782,989 

 

As of December 31, 2025 and 2024, long-term assets are comprised of property and equipment, long-term deposits and rights of use assets.

 

As of December 31, 2025, long-term assets located in the U.S., Singapore and Hong Kong were US$28,205,477 or 97.32%, US$346,575 or $1.20%, and US$429,414 or 1.48% of the Company’s total long-term assets.

 

As of December 31, 2024, long-term assets located in the U.S., Hong Kong, Malaysia and Mainland China were $49,961,688 or 69.22%, and $827,911 or 1.15%, and $18,797,055 or 26.04%, and $2,589,423 or 3.59% of the Company’s total long-term assets, respectively.