Capital structure is now as important to a mining operation as hashrate or power cost. Most miners are sitting on under-leveraged assets, BTC treasury, hashrate production, ASIC fleets, energy infrastructure, future revenue, any one of which can fund growth without selling Bitcoin or diluting equity.

Bitcoin Miner Financing is our primer for CFOs, treasury managers and founders navigating this landscape. It maps every major financing instrument against the asset class it draws on, and sets out how to combine them into a capital stack that lowers cost without introducing hidden risk.

Highlights from the paper:

• The five core asset classes underpinning a mining operation, and how to read their risk profiles

• Three financing philosophies, Accumulator, Producer, Hybrid, and what each implies for your capital structure

• A full instrument taxonomy: BTC-backed lending, hashrate forwards, ASIC equipment finance, energy infrastructure debt, revenue-based capital, and hybrid structures

• Principles for layering instruments by cost of capital and asset tenor, and the correlated-risk failures that have taken down miners since 2022

• A halving-cycle playbook for timing capital decisions, from pre-halving discipline through to the expansion phase

• Seven questions every miner should ask before signing any facility