A Look into Bitcoin Miner Creditworthiness Evaluation

In our previous analysis on the bitcoin mining private loan marketplace, we highlighted that one of the takeaways was the number of lenders in the traditional financial (TradFi) world drawn to the space and originated loans to bitcoin mining companies. Over the past two months, this trend has grown further with new entrants and lower interest rates being offered. 

We reviewed new information disclosed by 11 major public mining institutions after March 31. Collectively, they had outstanding loans of $776 million as of the end of Q1 and borrowed an additional $235 million in April and May, which were secured by BTC, ASIC miners or mining facilities.