> ## 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.

# Overview

> BTC-denominated structured credit built around mining economics.

Mezzamine provides Bitcoin mining operators with BTC-denominated structured credit facilities built around mining economics.

## BTC in, BTC out

Loans are issued, serviced, and repaid in BTC, so the debt is denominated in the same asset the fleet produces. The borrower carries no currency mismatch.

## Collateral sized to the risk

Collateral is a mix of BTC reserves, pledged hashrate, and real-world mining assets, sized to the security required rather than to a punitive overcollateralization ratio. Because the fleet is underwritten into the package, as low as 20% of principal is posted in BTC.

## Hedged through bear markets

Program-level hedging supports the facility through bear markets, so a decline in BTC price does not trigger forced liquidation or collateral calls during downturns.

## Tenor matched to the fleet

Durations match the productive life of the assets financed, and repayment structures preserve operating cash flow. The facility is sized for the long-duration capex mining requires, without cash-flow starvation during the term.

## How Mezzamine Compares

|              | USD-denominated loan      | BTC-overcollateralized loan | Hashrate advance                                | **Mezzamine**                                                                  |
| ------------ | ------------------------- | --------------------------- | ----------------------------------------------- | ------------------------------------------------------------------------------ |
| Denomination | USD                       | BTC                         | BTC                                             | **BTC**                                                                        |
| BTC posted   | 150% of principal or more | 150% of principal or more   | None                                            | **As low as 20% of principal**                                                 |
| Margin calls | In bear markets           | In bear markets             | None                                            | **None**                                                                       |
| Tenor        | Fixed term                | Fixed term                  | Weeks to a few months                           | **6 months to 4 years**                                                        |
| Payments     | Monthly P\&I in USD       | Monthly P\&I in BTC         | Full block reward stream forfeited until repaid | **Monthly P\&I in BTC. Production above debt service stays with the operator** |

Two points behind the table. A USD-denominated loan turns a BTC price decline into a solvency event, because the miner earns BTC but must find dollars to service the debt. A BTC-overcollateralized loan demands more collateral when BTC falls and the balance sheet is weakest. Under Mezzamine, incremental margin requirements arise when BTC rises and operating margins are widest, and a hashrate advance's defining cost, the forfeiture of the full reward stream, does not apply: the operator keeps everything produced above the scheduled payment. The collateral mechanics are on [Collateral & Security](/for-miners/asic-financing/collateral-and-security).