Everything in Observer
Manufacturers
Business Description
ICERIVER, the cryptocurrency mining hardware brand of Singapore-based BGIN Blockchain Limited (Nasdaq: BGIN), designs and manufactures ASIC miners for Kaspa, Alephium, and Aleo networks and operates managed hosting facilities in the United States and Europe. BGIN commenced mining operations in 2019 through its Hong Kong subsidiary, Bgin HK.
ICERIVER established its market identity as the first manufacturer to produce a dedicated ASIC for Kaspa's kHeavyHash algorithm, launching the KS0 at 100 GH/s and 65 W in 2023. The Kaspa lineup has since expanded to more than ten models, spanning from the entry-level KS0 Ultra (400 GH/s, 100 W) and KS1 (1 TH/s) through the mid-range KS3 (8 TH/s, 3,200 W) and KS3M (6 TH/s, 3,400 W), to the KS5M (15 TH/s, 3,400 W, 226.67 J/TH) and the KS7 (~40 TH/s, 3,080 W). Outside Kaspa, the product catalog includes the AL0 (400 GH/s, Blake3, 100 W) for Alephium (ALPH) and the ALEO AE3 for the Aleo zk-SNARK network, giving ICERIVER altcoin ASIC coverage that ranks alongside Bitmain and Goldshell as among the widest in the sector.
Alongside hardware sales, ICERIVER operates a vertically integrated hosted mining service: customers purchase machines that ICERIVER procures, ships, installs, and maintains around the clock across its own facilities. The South Carolina data center carries a rated capacity of 20 MW at $0.065 per kWh, while European co-hosting partnerships deliver 99.54% uptime, 29 ms latency, and electricity at $0.0798 per kWh under an SLA-backed 7-year warranty covering both immersion and dry cooling configurations. Hosted customers manage units through a dedicated mobile app tied to the proprietary ICERIVER mining pool. Distribution runs through three legal entities: Bgin Mining in the United States, Bgin Trading and Bgin Trade HK in Hong Kong, and Bgin SG in Singapore.
BGIN Blockchain reported $233 million in revenue for full-year 2023 and $109 million for the first half of 2024, with ICERIVER hardware and hosting forming the core segment. In October 2025, BGIN completed a $30 million IPO on the Nasdaq Global Market (ticker: BGIN), pricing 5 million Class A ordinary shares at $6.00 each, with proceeds earmarked for mining farm construction and proprietary chip R&D.
BGIN is expanding ICERIVER into the Bitcoin mining hardware market. The company's 4-nanometer BT1 Bitcoin mining chip entered tape-out in October 2025 and, in March 2026, BGIN confirmed a successful tape-out with the BT1 advancing to system-level testing and production preparation. At the Bitcoin 2026 conference in Las Vegas in May 2026, BGIN unveiled a "PortableBTC" commemorative prototype, marking ICERIVER's transition from an altcoin-exclusive ASIC manufacturer toward full-spectrum mining hardware coverage that includes the Bitcoin network.
