> ## Documentation Index
> Fetch the complete documentation index at: https://docs.mezzamine.com/llms.txt
> Use this file to discover all available pages before exploring further.

# Cash-Flow Control

> Controlled mining receipts, the shared program wallet, the operating waterfall, and approval over withdrawals.

A defining feature of a Mezzamine program is that the borrower's fleet revenue does not flow freely to the operator. Mining production routes into a controlled program wallet, and payments out of that wallet follow a defined waterfall with lender-held rights and approval over withdrawals. This converts mining production from an unsecured expectation into a controlled, monitored source of debt service and recovery.

## Controlled receipts

The mining operator routes controlled mined BTC to the program. Block rewards are directed to a monitored program address rather than to the operator's own treasury. The mining pool supports this by providing verifiable production data and routing controlled mined BTC into the program, which also supports monitoring.

Because receipts are controlled at the point of production, the lender's claim on repayment is anchored to BTC that has already entered the program perimeter, rather than depending on the borrower to voluntarily forward funds after the fact.

## The operating cash-flow waterfall

Controlled receipts are released through a defined operating waterfall each period:

<Steps>
  <Step title="Operating expenses">
    Power, hosting, and other approved operating costs required to keep the fleet producing are funded first, so the collateral base continues generating BTC.
  </Step>

  <Step title="BTC debt service">
    Scheduled BTC principal and interest are paid to the program next, ahead of any residual release to the borrower.
  </Step>

  <Step title="Residual production to the borrower">
    Only after operating costs and scheduled debt service are covered is residual production released to the borrower.
  </Step>
</Steps>

This ordering preserves the credit sequence: production and operating expense create payment capacity, scheduled debt service is paid before the operator takes cash out, and the revised balance then updates collateral coverage and hedge exposure.

## Approval over withdrawals

Withdrawals of residual production from the controlled wallet are subject to program approval rather than being at the operator's sole discretion. A missed scheduled payment that remains uncured after the cure period freezes ordinary borrower distributions. The operator cannot draw operating profit out of the wallet while a scheduled payment to lenders is outstanding.

The controlled-wallet structure depends on enforceable control. Legal control over receipts and hedge proceeds is what determines whether the modeled protection actually reaches the lender, so counterparty documentation specifies account control, close-out rights, and treatment of program balances after a borrower default.

## Monitoring

Control is paired with continuous monitoring. Active programs are monitored through API-based integration with the borrower's mining infrastructure, and controlled receipts are tracked through pool and wallet integration. Intra-day data includes active hashrate online, fleet production through BTC block rewards received to monitored addresses, electricity and power costs, and remaining principal. Material underperformance can trigger additional collateral, a hedge change, or a structural review.