BGIN BLOCKCHAIN announced that its 4nm BT1 Bitcoin mining ASIC chip has achieved first‑pass silicon success, completing the most capital‑intensive phase of the project and moving the chip into system‑level testing and production preparation.
The BT1 is BGIN’s first proprietary chip designed exclusively for Bitcoin mining and represents the company’s seventh consecutive successful tape‑out since 2022. The tape‑out phase began in October 2025, and the new chip is expected to deliver improved energy efficiency compared with earlier models, positioning BGIN to compete in the 98% of the global ASIC market dominated by Bitcoin miners.
BGIN’s pivot from altcoin‑focused hardware to Bitcoin mining follows a sharp decline in altcoin sales. Total revenue fell from $144.5 million in the first half of 2024 to $47.7 million in the first half of 2025, and gross profit turned to a $6.3 million loss as machine‑sales revenue dropped from $94.9 million to $9.7 million. Mining revenue, however, grew 164.4% year‑over‑year to $30.8 million, reflecting stronger demand for Bitcoin‑oriented equipment.
The Bitcoin ASIC market is highly consolidated, with Bitmain, MicroBT and Canaan controlling roughly 98% of the share. BGIN’s entry into this space presents significant competitive headwinds, but the company’s advanced process‑node expertise and the BT1’s efficiency gains could help it carve out a niche in a market that is projected to grow from $12.42 billion in 2026 to $27.85 billion by 2035.
Oisin Li, Chairman, said, “The successful tape‑out of our BT1 chip marks a significant milestone for BGIN as we expand into Bitcoin mining infrastructure. Altcoin mining was our training ground; Bitcoin is where we apply those lessons at scale.” Allen Wu, CEO, added, “With this achievement, we have completed one of the highest‑risk and most capital‑intensive phases of chip development. This demonstrates that our R&D execution in advanced process nodes continues to advance within the industry.”
BGIN’s recent financial challenges are underscored by its October 2025 IPO, which was followed by a sharp drop in share price, and an ongoing securities fraud investigation. The company’s strategic shift to Bitcoin mining, coupled with the BT1’s technical success, represents a critical attempt to reverse declining profitability and reposition itself in a mature, high‑barrier market.
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