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Bitcoin mining is The9’s largest revenue source, while online game services and other activities now contribute nearly as much. Its mining machines in Kyrgyzstan supply computing power to Fish2Pool, which pays it a share of Bitcoin rewards. The9 holds the Bitcoin and sells some through exchanges to cover expenses. Mining income depends on computing power supplied and Bitcoin’s price; operating costs depend heavily on electricity and hosting, provided through SolarCoin’s computing center.
The9 has returned to gaming after shifting its focus toward blockchain. Players pay for virtual currencies, prepaid cards and in-game items, largely through Chinese game platforms and distributors. Its the9bit hub combines gameplay, top-ups and community spaces. A joint venture with ZhongShun holds exclusive rights to Glory All Stars and Ultraman: Hero Beyond Time. The business depends on attracting players and retaining distribution relationships, which lack long-term agreements.
Mainland China requires game approvals and operating licenses and restricts foreign participation in online gaming. The9 therefore operates there through contractual arrangements with Shanghai IT, rather than owning it directly, and relies on it for required licenses. Mainland China also prohibits cryptocurrency mining and most private-sector virtual-currency activities.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
The9’s results also hinge on its revived gaming business, which supplied nearly half of 2025 revenue, making its mobile-game joint venture with Shanghai ZhongShun HengXin Network Technology worth watching.
American Bitcoin and The9 share exposure to Bitcoin prices, network difficulty and fleet efficiency: both own miners housed at third-party facilities and supply computing power to mining pools for Bitcoin payments. American Bitcoin’s deployment of more efficient miners offers a benchmark for The9’s fleet.
Bitdeer and The9 both mine Bitcoin for themselves, so Bitcoin prices, network difficulty and electricity costs shape both companies’ mining returns; The9 receives Bitcoin from pools for its computing power. Watch Bitdeer’s self-mining revenue, rather than its equipment sales or AI services, for the closer comparison with The9.
Cipher Digital and The9 both supply computing power to mining pools for Bitcoin, exposing their mining returns to Bitcoin prices, network difficulty and electricity costs. Cipher’s Bitcoin production costs are the useful comparison for The9, distinct from its substantial development of high-performance computing facilities for hyperscaler tenants.
Soluna Holdings, Inc. and The9 both depend on mining returns after electricity costs, though Soluna also earns fees for housing customers’ Bitcoin miners while The9 receives Bitcoin from pools for computing power. Soluna’s access to low-cost power at renewable-energy plants is the cost benchmark to watch against The9’s electricity-based rent.
BitFuFu and The9 depend on mining rewards and the cost of computing power, but collect revenue differently: The9 supplies that power to pools for Bitcoin, while BitFuFu sells it to institutions and individual enthusiasts so they can mine without owning machines. BitFuFu’s cloud-mining revenue is the line to watch for customer demand for paid mining capacity.
Canaan’s Bitcoin-machine sales depend on miners being able to profitably deploy and upgrade equipment—the same economics behind The9’s Bitcoin payments from mining pools. Watch sales of Canaan’s industrial AvalonMiner machines for miners’ willingness to invest in equipment, rather than treating Canaan as The9’s supplier.
BTC Digital Ltd. shares The9’s exposure to Bitcoin mining returns, but also sells miners equipment whose demand depends on expected mining profits. Machine resale supplied 72.5% of BTC Digital’s revenue in the fiscal year ended December 31, 2025, making that business a clearer gauge of equipment demand than its own Bitcoin mining.
Bitdeer Technologies Group earningsBTDR
Bitdeer’s self-mining revenue shows how network difficulty and electricity costs are shaping the mining returns it shares with The9.
Read Bitdeer’s self-mining revenue as a signal about mining returns, then compare its own-miner model with The9’s pool payments for computing power. Stronger revenue suggests the shared mining environment is more favorable and could support better returns on The9’s machines; weaker revenue points to pressure from network difficulty, power costs or other mining economics that may also weigh on The9. Their facilities and costs differ, so this is an industry signal, not a direct comparison of revenue.
