DEEP RESEARCH · AD TECHNOLOGY
AD Technology KRW 12.3bn ASIC Design Contract: Link to Samsung 2nm Foundry and Mining Chips
A disclosure-based reading of the crypto-mining ASIC design contract through NRE, Samsung DSP, and 2nm GAA lenses.
0. Bottom line first
AD Technology’s KRW 12.3bn crypto-mining ASIC design-development contract looks less like a simple service order and more like a downstream execution contract tied to Samsung Foundry’s reported 2nm GAA mining-chip wins. However, the counterparty is undisclosed in the filing, so names such as MicroBT or Canaan must remain inference, not fact.
1. Disclosure summary
Official fact: The source summarizes a single-sales/supply contract disclosure by AD Technology as of November 19, 2025 at 16:50:45. The contract is for crypto-mining ASIC design development, with contract value of KRW 12.3bn, 11.54% of sales, and 10.49% on a period-adjusted basis.
| Item | Detail |
|---|---|
| Company | AD Technology |
| Market cap in source | KRW 309.1bn |
| Current price | KRW 23,000, 0% |
| Counterparty | Undisclosed |
| Contract detail | Crypto-mining ASIC design development |
| Contract value | KRW 12.3bn |
| Contract period | 2025-11-18 to 2026-12-31, about 13 months |
| Sales ratio | 11.54% |
| Period-adjusted ratio | 10.49% |
The source’s disclosure link is the DART filing, and the company information link is the Naver Finance company page.
2. Nature of KRW 12.3bn: more NRE than mass production
Interpretation: KRW 12.3bn is small for mass-production revenue but meaningful for a single design kickoff and development project. I therefore read the contract as NRE, or service revenue for physical design, verification, IP integration, and process optimization.
- The source cites 3nm wafer manufacturing cost at about $20,000~$25,000 per wafer.
- Mask-set cost is estimated at $30M~$50M, or about KRW 40bn~65bn.
- Therefore, KRW 12.3bn is more naturally read as design-service value rather than all mask and production costs.
3. Timing overlap with Samsung 2nm GAA
Official fact: The source references industry reports around November 2025 that Samsung secured 2nm GAA chip-production orders from Chinese crypto-mining companies such as MicroBT and Canaan.
Interpretation: AD Technology is a key Samsung Foundry DSP. It is reasonable to infer a chain where Samsung Foundry wins the main order and AD Technology receives the downstream design-development contract. But because the filing does not name the customer, no specific counterparty should be stated as fact.
4. Why mining ASICs can be a 2nm pipe cleaner
Efficiency matters
Bitcoin-mining ASICs compete on power efficiency, creating economic logic for leading-edge nodes.
Lower functional complexity
Compared with AI/HPC chips, mining ASICs can be suitable early vehicles for new-node validation.
Samsung reference
Success could become a real customer-production reference for Samsung 2nm GAA.
The source interprets the contract as a potential pipe-cleaner project for Samsung’s leading-edge 2nm GAA process. The event sits at the intersection of fine-node competition, U.S.-China tech geopolitics, Chinese fabless supply-chain rewiring, and efficiency trends in Bitcoin mining hardware.
5. Investment checklist
| Item to watch | Meaning |
|---|---|
| Counterparty disclosure | Could confirm or disprove MicroBT/Canaan-style inference |
| Additional NRE or production revenue | Shows whether this is one-off work or a longer customer relationship |
| Samsung 2nm GAA yield and schedule | Execution risk for the DSP project |
| Mining cycle and Bitcoin price | Demand durability for the end customer |
Interpretation: The importance is not only the KRW 12.3bn amount. It is that the contract shows AD Technology’s role inside Samsung’s 2nm foundry ecosystem. Customer anonymity, process yield, and mining-cycle volatility remain the key risks.
Sources
- Source 1: https://adt-snst.vn/news/ad-technology-shifts-to-samsung-foundry-gearing-up-for-a-new-leap/
- Source 2: https://auradine.com/auradine-secures-153-million-in-series-c-financing-to-advance-the-future-of-blockchain-and-ai-infrastructure/
- Source 3: https://biz.chosun.com/it-science/ict/2024/11/01/SRUJQ27HLJCLJOYXZ76AUA2BDM/
- Source 4: https://corescientific.com/resources/blog/the-potential-of-blocks-3nm-asic-technology-to-maximize-mining/
- Source 5: https://dart.fss.or.kr/dsaf001/main.do?rcpNo=20251119900403
- Source 6: https://en.wikipedia.org/wiki/3_nm_process
- Source 7: https://en.wikipedia.org/wiki/Bitcoin_protocol
- Source 8: https://finance.naver.com/item/main.nhn?code=200710
- Source 9: https://m.blog.naver.com/PostView.naver?blogId=star_of_self&logNo=224081333124
- Source 10: https://m.economictimes.com/tech/technology/us-revokes-tsmcs-fast-track-china-export-status-as-controls-tighten/articleshow/123660821.cms
- Source 11: https://patentpc.com/blog/chip-manufacturing-costs-in-2025-2030-how-much-does-it-cost-to-make-a-3nm-chip
- Source 12: https://semiconductor.samsung.com/foundry/about-samsung-foundry/company-info/
- Source 13: https://semiconductor.samsung.com/foundry/safe/
- Source 14: https://wccftech.com/samsung-to-supply-2nm-gaa-chips-to-chinese-mining-companies/
- Source 15: https://www.alchip.com/en/Newsroom/Alchip_Introduces_2nm_Design_Platform
- Source 16: https://www.bitget.com/news/detail/12560604704863
- Source 17: https://www.businesswire.com/news/home/20250320337636/en/Auradines-New-Hydro-Cooled-Bitcoin-Miner-Sets-Industry-Standards-with-Maximum-Performance-and-Superior-Cost-of-Ownership
- Source 18: https://www.eenewseurope.com/en/alchip-announces-tape-out-for-2nm-process/
- Source 19: https://www.eetimes.com/crypto-mining-asic-goes-deep-sub-threshold-on-3-nm/
- Source 20: https://www.etnews.com/20250214000148
- Source 21: https://www.hardwarezone.com.sg/incoming/tech-news-samsung-making-chips-built-specifically-cryptocurrency-mining
- Source 22: https://www.kedglobal.com/korean-chipmakers/newsView/ked202511170003
- Source 23: https://www.ksdaily.co.kr/news/articleView.html?idxno=107315
- Source 24: https://www.marvell.com/company/newsroom/marvell-demonstrates-industry-leading-2nm-silicon-for-accelerated-infrastructure.html
- Source 25: https://www.morningstar.com/news/pr-newswire/20251118cn27270/canaan-inc-reports-unaudited-third-quarter-2025-financial-results
- Source 26: https://www.nasdaq.com/articles/samsung-to-begin-production-of-3nm-chips-which-could-be-used-for-mining-bitcoin:-report
- Source 27: https://www.rapidus.inc/en/tech/te0006/
- Source 28: https://www.rcrwireless.com/20250904/ai-infrastructure/us-tsmc-chip
- Source 29: https://www.sammobile.com/news/chinese-cryptocurrency-firms-hand-samsung-a-key-win-over-its-taiwanese-rival/
- Source 30: https://www.techinsights.com/blog/samsungs-3nm-gaa-process-whatsminer-asic-disruptive-event
- Source 31: https://www.tweaktown.com/news/108919/chinese-crypto-mining-manufacturers-order-next-gen-2nm-gaa-chips-from-samsung-foundry/index.html
- Source 32: https://www.ust.com/en/insights/timing-closure-at-3nm-and-beyond-techniques-eco-tricks-and-mcmm-secrets