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Hardware definitely, could be lcd panel, lcd cable/ribbon, mobo, cooling, ram, etc... alot of options.
Don't wana ram the point home but BIOS will not cause this problem, if it was a BIOS related issue you would be informed onscreen or it would not boot at all.
One thing I would not agree with is you need a new laptop, if you are so inclined and capable then you could rebuild it or test to find the problem. However on a board is probably not the best way for anyone to run through full-scale laptop diagnostic tests with you to discover the problem. You could either take it to a technician or read up on the net and consider it a project to get it working. However if you are not confident in your electronic's then I would urge you against tampering with anything you want to plug in the mains without guidance.
As said above the problem may be fixable but its highly not worth the effort for a laptop just go out and buy a new computer