The problem both sides had
Bitcoin has no native credit market. Holders reaching for yield route through substitutes — BTC-backed lending that pays in the borrowed asset, incentives that run out of runway, trading strategies that break when the regime turns. Miners have the opposite problem: mining is the only business that generates new Bitcoin, but turning customer demand into deployed machines fast enough usually means dollar debt that works against a Bitcoin-denominated business.“Most Bitcoin holders are very sensitive to risk, and for good reason: a lot of yield products in crypto have not ended well. So the question is always where the yield is actually coming from, whether it is sustainable, and whether it is tied to real activity.” — Brian Paik, SmashFi
The facility in numbers
Source: Sazmining + Mezzamine on-chain records · As of Jul 9, 2026
What 2 BTC became
Within four months, the first facility’s 2 BTC of financing turned into 57 PH/s of deployed hashrate across 211 machines. The mechanism was capital recycling: each round of machines was sold and its proceeds rolled into the next batch, so the same 2 BTC compounded across six purchases (March 23–May 20, 2026) rather than being spent once. Repayments: mining block production services the loan through on-chain contracts, secured by first-lien collateral and protected by delta-neutral hedging — see Dynamic hedging.Figures are historical program results as of July 9, 2026 — not a forecast, and past performance is not indicative of future results.
Read the full case study
The complete letter — the full structure, collateral waterfall, and why in-kind yield holds across cycles — is published on the research page.SmashFi × Sazmining — the full letter
Mezzamine connected SmashFi’s capital to Sazmining’s operations — turning idle Bitcoin into productive capital generating 9% annual BTC yield.
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The structure in this case study is live in Mezzamine Credit — participation begins with onboarding.
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