Intchains designs and sells altcoin cryptocurrency mining machines under the Goldshell brand. Intchains designs its own ASIC chips in-house but outsources fabrication and machine assembly to contract manufacturers — a fabless model that avoids heavy capex but requires full prepayment to foundry partners. Intchains sells complete mining machines to distributors and end-users globally, with a focus on overseas markets including the U.S. and Hong Kong. Machines target specific altcoins including Dogecoin, Litecoin, Kaspa, Alephium, Aleo, and MinoTari, organized around the underlying mining algorithms. Customers choose machines based almost entirely on hashrate and energy efficiency, with brand loyalty low. Revenue is highly cyclical, driven by altcoin prices, mining difficulty, and product cycle timing — newly launched machines targeting in-demand coins earn high margins that compress quickly as competitors respond. Intchains argues its key edge is speed: it targets a five-to-eight month development cycle from algorithm analysis to mass production, allowing it to be first to market for emerging altcoins. A secondary business is Intchains' ETH treasury strategy, where the company accumulates ETH using operating cash flows and generates yield by staking ETH on FalconX and its own Goldshell Stake platform, which also accepts third-party staking. ETH fair value changes flow through the income statement, creating earnings volatility tied to ETH price movements. Early-stage Web3 products including Goldshell Pay and Goldshell Wallet are not expected to contribute materially near-term.