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Beyond ETFs:

Mining for Bitcoin Yield

I

Fakhul Miah, MD

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From Basements to Balance Sheets

Early days: home rigs, high-risk, high-reward
Today: public miners, global data centers, regulated infrastructure
ETFs opened the door, now institutions want more

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Institutions Want More Than Price Exposure

Infrastructure access
Yield-linked economics
Operational transparency
Custody, compliance, governance

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700%+ Hashrate Growth Since 2018

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The Rise and Reality of Public Miners

Scaled rapidly post-2020 bull market
Faced CapEx, dilution, and energy volatility
Lesson: scale needs operational and financial discipline

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The Infrastructure Convergence

Miners as flexible energy partners
Colocation with AI/HPC infrastructure
Revenue from compute, not just BTC

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The Spectrum of Bitcoin Mining Models

DIY Mining – High control, high complexity
Cloud Mining – Opaque, custodial risks
Retail Protocol Platforms – On-chain visibility, low barrier
Hosting Services – Mixed transparency, customer-owned ASICs
Public Miners – Scalable, but CapEx heavy
Institutional Access – Structured, managed, governance-aligned

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Financial Products Built Around Mining

Equity: Public mining stocks (e.g., MARA, RIOT, CLSK)
Debt: ASIC-backed loans, mining revenue notes
Derivatives: Hashrate futures, hashprice options
Funds: Mining-linked LPs, tokenized hashrate vehicles
Structured Notes: Tied to BTC issuance and network difficulty
Infrastructure REIT-style models (early stage)

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Mining as an Institutional Strategy

Custodied infrastructure access
No DIY hardware exposure
Clear economic linkage to Bitcoin issuance
Structured rewards — predictable, protocol-based
Generates virgin Bitcoin with no transactional history

Post-ETF, institutions are increasingly looking beyond passive Bitcoin price exposure and toward the infrastructure that powers it - mining.

At the protocol level, mining is how new Bitcoin enters circulation. Every 10 minutes, miners earn block rewards and transaction fees, making it the only guaranteed, rule-based issuance mechanism in the Bitcoin ecosystem.

One key benefit of this is that mining produces virgin Bitcoin, coins with no prior transaction history. For institutional allocators, and increasingly for sovereign entities, this clean provenance offers advantages around custody, compliance, and auditability. It’s Bitcoin at its most traceable and regulator-friendly form — and that matters when allocating capital from treasury or endowment accounts.

Institutional allocators now want structured access to this flow, without running hardware or managing energy contracts. They’re shifting from passive to active strategies: compounding hashrate, ESG-aligned infrastructure, and custody-ready solutions that can meet governance and compliance standards.

In this context, mining becomes more than a commodity extraction play. It evolves into a programmable, Bitcoin-native exposure layer — offering long-term alignment with the asset, without operational complexity.

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The Hashrate Horizon

Tokenized compute & hashrate markets
Mining-backed structured products
Global decentralization of infrastructure
Bitcoin mining as a macro hedge

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Bitcoin Mining is Institutional Now

“The next phase of digital infrastructure will be powered by silicon, energy, and capital not speculation.”