As filed with the U.S. Securities and Exchange Commission on March 20, 2025. Registration No. 333-285108 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ AMENDMENT NO. 2 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ________________ BGIN BLOCKCHAIN LIMITED (Exact name of registrant as specified in its charter) ________________ Cayman Islands 7374 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Indus ...

Core Insights - The article emphasizes the shift towards renewable energy sources in cryptocurrency mining, particularly through cloud mining operations, which significantly reduce costs and integrate surplus energy into the power grid [1] - ATIL Mining is highlighted as a leading brand in cloud mining, offering users the potential to earn substantial daily income with minimal effort [1][4] Industry Overview - Cloud mining has gained popularity due to its ease of use, allowing individuals without technical expertise to participate in cryptocurrency mining by renting mining algorithms from remote data centers [2] - The integration of renewable energy in mining operations aligns with the growing demand for sustainable practices in the energy sector [1][4] Company Profile: ATIL Mining - ATIL Mining operates over 20 data centers globally, all powered by renewable energy, and has garnered the trust of over 9 million users [3] - The platform offers a user-friendly interface, making it accessible for beginners in cryptocurrency [3] Earning Potential - ATIL Mining provides extraordinary earning opportunities, with potential daily passive income ranging from $100 to $1,000,000 or more [4] - The platform offers various mining contracts with different amounts and durations, allowing users to start earning profits shortly after purchase [6][8] Platform Features - Users receive a $10 instant bonus upon registration and can settle transactions in over 11 cryptocurrencies [5] - The affiliate program allows users to earn up to $18,999 in referral bonuses, enhancing the earning potential without requiring an initial investment [5][9] Investment Options - ATIL Mining offers multiple contract options, such as $100, $500, and $5,000, each with specific daily interest rates and total income potential [8] - Daily payouts and no additional service fees make the platform attractive for passive income seekers [8][9]

Financial Data and Key Metrics Changes - Total revenue for 2024 was $108 million, a 141% increase from 2023 [48] - Adjusted EBITDA reached $73 million, compared to $12.4 million in 2023 [53] - Gross profit was $45.7 million, nearly threefold increase from 2023, with gross margins expanding approximately 500 basis points to 42.3% [51] Business Line Data and Key Metrics Changes - HPC revenue made up over 40% of full-year revenue and more than half of Q4 revenue, with cloud services generating $45.7 million in its first year of operations [7][49] - Colocation services contributed $1.4 million from October 12 through the year-end [49] - Bitcoin mining revenue was $58.6 million, up 32% year-over-year, but accounted for only 54% of total revenue in 2024, down from 98% in 2023 [41][48] Market Data and Key Metrics Changes - The company has seen significant demand for high-performance computing (HPC) infrastructure, exceeding current capacity [56] - The demand for GPUs is surging, with a strong customer pipeline and contracts representing nine-figure annual revenue [19][23] Company Strategy and Development Direction - The acquisition of Enovum vertically integrated data center operations and expanded customer base, enhancing infrastructure scaling capabilities [8][25] - The company is focused on a disciplined approach to GPU procurement and capital deployment to avoid excess inventory risk [20] - The strategic focus is on expanding both cloud services and colocation services to create a durable and diversified cash flow [59] Management's Comments on Operating Environment and Future Outlook - Management believes the current market sentiment does not accurately reflect the company's growth potential, particularly in HPC [57] - The company is actively exploring financing options for its HPC business to support growth without diluting equity [61][151] - Future demand for AI compute is expected to be driven by inference, with strategic developments in metropolitan areas to meet customer needs [40] Other Important Information - The company is debt-free and has approximately $98.9 million in cash and restricted cash as of December 31, 2024 [54] - Capital expenditures for 2024 totaled $94 million, primarily for GPU purchases and the acquisition of Montreal 2 [54] Q&A Session Summary Question: What is the current run rate for cloud services? - The current run rate is approximately $72 million with the addition of DNA Funds as a customer [66][67] Question: What is the expected revenue contribution from new GPU deployments? - The B200s are expected to start generating revenue in April, while the H200s' timeline is uncertain due to ongoing R&D [75] Question: What was the fourth-quarter revenue for the colocation business? - The colocation revenue recognized was $1.4 million from the date of acquisition [78] Question: Can you provide details on the 100-megawatt site under LOI? - The site has 24 megawatts of power available, with a path to 48 megawatts and discussions for an additional 100 megawatts by the end of 2025 [87] Question: How confident is the company in sourcing infrastructure equipment? - The equipment for upcoming deployments has been secured, with a large portion already delivered [115] Question: What is the company's strategy regarding Bitcoin mining? - The focus remains on optimizing the fleet and maintaining Bitcoin exposure in a capital-efficient manner, rather than expanding for growth's sake [45][124]

As filed with the U.S. Securities and Exchange Commission on March 10, 2025. Registration No. 333-285108 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ AMENDMENT NO. 1 TO FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ________________ BGIN BLOCKCHAIN LIMITED (Exact name of registrant as specified in its charter) ________________ Cayman Islands 7374 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Indus ...

Financial Data and Key Metrics Changes - In Q4 2024, GAAP revenues increased by 29% quarter-over-quarter, reaching $35 million from $27.1 million in Q3 2024, and year-over-year increased by 102% from $69.2 million in 2023 to $140.1 million in 2024 [28] - The GAAP net loss in Q4 2024 was $29.2 million compared to a net loss of $22.7 million in Q3 2024, while the net loss for 2024 was $72.4 million compared to a net loss of $73.4 million in 2023 [39] - Non-GAAP adjusted EBITDA for Q4 2024 was $2.5 million, down from $6.3 million in Q3 2024, while adjusted EBITDA for 2024 was $60.4 million compared to $31.9 million in 2023 [39] Business Line Data and Key Metrics Changes - The WULF Mining business doubled revenue and adjusted EBITDA year-over-year, driven by higher Bitcoin production and favorable Bitcoin pricing [10] - In Q4 2024, the company mined 423 Bitcoin, a 24% decrease from 555 Bitcoin in Q3 2024, but stable when excluding the impact of the Nautilus sale [27] - The hash rate achieved by WULF Mining was 9.7 exahash per second, with expectations to increase to 13.1 exahash per second upon full deployment of new miners [10] Market Data and Key Metrics Changes - The company reported a 55% increase in realized power prices from $0.038 per kilowatt hour in Q3 2024 to $0.059 per kilowatt hour in Q4 2024 [29] - The power cost per Bitcoin mined was $46,328 in Q4 2024, compared to $30,448 in Q3 2024, reflecting increased energy costs [30] Company Strategy and Development Direction - The company aims to contract and deploy 100 to 150 megawatts of HPC hosting capacity annually over the next three years, with a focus on scaling WULF Compute to meet demand for high-density compute infrastructure [16] - TeraWulf is prioritizing the Cayuga site for expansion, expecting to add 150 megawatts of capacity in 2026, scalable to 400 megawatts by 2028 [19] - The company is actively evaluating additional site opportunities beyond the 750 megawatts available at Lake Mariner, leveraging its expertise in energy infrastructure [18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for HPC and AI compute infrastructure, despite some headlines suggesting a slowdown in hyperscaler demand [15] - The company remains focused on optimizing its mining operations while transitioning to HPC hosting, driven by customer demand rather than solely by Bitcoin prices [110] - Management highlighted the importance of energy development and ownership as a competitive advantage in securing new sites [120] Other Important Information - The company repurchased $150 million of stock as part of a $200 million buyback authorization, marking the first return of capital by any public Bitcoin miner [21] - TeraWulf's cash balance as of December 31, 2024, was $274 million, with total assets amounting to $787 million and total liabilities of $543 million [40] Q&A Session Summary Question: How is Mariner positioned for inference given the current demand? - Management indicated that both training and inference capabilities are supported at the Lake Mariner site, with existing contracts in place [48] Question: What geographies are attractive for additional site acquisitions? - The company is prioritizing the Cayuga site and is also looking at opportunities in Montana, Maryland, and Virginia [50][75] Question: What is the status of the initial 72 megawatts at CB-1? - Management stated that the initial 72 megawatts will be available in 2026, with ongoing discussions with customers regarding deployment [60] Question: How does the company view the impact of Bitcoin pricing on mining plans? - Management confirmed that the focus remains on becoming a premier HPC AI data center company, with Bitcoin mining being a secondary consideration [110] Question: What is the current status of project financing efforts? - Management expressed high confidence in project financing, noting significant demand from lenders and ongoing discussions with potential financing partners [126][130]

Group 1: Company Performance - Riot Platforms, Inc. (RIOT) has experienced a 19% decline over the past six months, contrasting with the industry's 47% growth [1] - The company's Bitcoin production has only increased by 1% year over year as of January 2025, indicating operational inefficiencies [7] - Recent earnings estimates for 2025 have been revised downward, with the Zacks Consensus Estimate moving from a loss of 49 cents to a loss of 64 cents, reflecting analysts' lack of confidence in the company's financial performance [9][10] Group 2: Market Environment - Bitcoin's value has surpassed $100,000, driven by expectations of favorable cryptocurrency policies under the incoming Trump administration, which could benefit Riot Platforms through increased revenues [4] - The post-election period has seen a rise in institutional investments in cryptocurrencies, enhancing market legitimacy and stability, indirectly benefiting mining companies like Riot [6] - The Bitcoin halving event has doubled mining difficulty without a corresponding price surge, posing challenges for RIOT's profitability [7] Group 3: Investment Outlook - Current market conditions suggest that RIOT may not present an ideal entry opportunity for investors, given the operational and financial difficulties faced by the company [11] - A cautious approach is recommended, with a strategy to wait for a more advantageous entry point before purchasing RIOT shares [12] - RIOT currently holds a Zacks Rank 3 (Hold), indicating a neutral outlook [12]

Financial Data and Key Metrics Changes - For Q4 2024, total revenue was $69 million, down from $114.8 million in Q4 2023. Self-mining revenue decreased by 11.5% to $41.5 million, primarily due to the April 2024 halving and increased global network hashrate [9][38] - Gross profit for Q4 2024 was $5.1 million, with a gross margin of 7.4%, compared to $27 million and 23.5% in Q4 2023. Adjusted EBITDA was negative $3.8 million [40][44] - Full-year 2024 revenue totaled $349.8 million, with a gross profit of $66.4 million and adjusted EBITDA of $39.4 million [45] Business Line Data and Key Metrics Changes - Cloud hashrate revenue fell to $2.3 million from $16.2 million, attributed to the expiration of long-term contracts and reallocation of hashrate to self-mining [39] - General hosting revenue decreased to $8.5 million from $25.2 million, while membership hosting revenue dropped to $12.4 million from $23.4 million, mainly due to contract expirations and removal of less efficient machines [39] Market Data and Key Metrics Changes - The company reported an increase in average self-mining hashrate to 8.4 exahash from 7 exahash year-over-year, which partially offset revenue declines [38] - The global network hashrate increase and the April 2024 halving negatively impacted revenue and gross profit margins [10][41] Company Strategy and Development Direction - The company aims to build a fully vertically-integrated business, including developing its own power generation assets and mining hardware. A significant acquisition was made for a 19-acre site for a 101 megawatt gas-fired power plant in Alberta [12][13] - The strategy includes developing ASIC technology to differentiate from competitors and penetrate the $4 billion to $5 billion annual ASIC market [11][18] - The company plans to ramp up self-mining hashrate significantly by deploying new SEALMINER machines, targeting approximately 40 exahash by Q4 2025 [29][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, highlighting that 2025 is expected to be a pivotal year as strategic initiatives begin to yield results [35] - The company is closely monitoring the competitive landscape, particularly regarding U.S.-based miners facing delays due to trade tensions, but has not experienced direct impacts [58][60] Other Important Information - The company has secured over 2.6 gigawatts of power capacity, with plans to energize about 1 gigawatt in 2025, which will support both self-mining and potential HPC and AI data center operations [33] - The company has a strong cash position with $476.3 million in cash and cash equivalents, and plans to continue holding a portion of mined Bitcoin [50] Q&A Session Summary Question: What is the impact of U.S.-China trade tensions on ASIC demand? - Management noted that they are monitoring the situation but have not faced direct impacts. They remain hopeful for a resolution that would allow them to explore the U.S. market [58][60] Question: What is the manufacturing capacity for the next batch of A2s and A3 rigs? - Management expects capacity to increase as they continue to work with TSMC, but specific pre-announcements will not be made until allocations are confirmed [62] Question: How is revenue recognized for ASIC sales? - Revenue is recognized upon delivery of the ASICs, with down payments held on the balance sheet until full delivery [65] Question: What is the CapEx outlook for 2025? - CapEx for 2025 is anticipated to be between $340 million to $370 million, primarily for Bitcoin mining infrastructure [53][70] Question: How does the company view partnerships for HPC development? - The company is open to strategic partnerships that add value, particularly for HPC opportunities [132]

As filed with the U.S. Securities and Exchange Commission on February 21, 2025. Registration No. 333- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________ FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ________________ BGIN BLOCKCHAIN LIMITED (Exact name of registrant as specified in its charter) ________________ Cayman Islands 7374 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification C ...

As filed with the Securities and Exchange Commission on May 31, 2024 Registration No. 333-272274 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Amendment No. 5 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MERCURITY FINTECH HOLDING INC. (Exact name of registrant as specified in its charter) Cayman Islands 6199 Not Applicable (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Ide ...

As filed with the Securities and Exchange Commission on March 20, 2024 Registration No. 333-272274 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Amendment No. 4 to Form F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 MERCURITY FINTECH HOLDING INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) Cayman Islands 6199 Not Applicable (I.R.S. Employer I ...