【Market Update】Mining derivatives firm Luxor released its September data: paired prepaid hashrate transactions generated annualized Bitcoin financing spreads of 6%–13%. Lenders and Bitcoin treasury companies buy prepaid hashrate and add price hedges, while miners take the opposite side to secure financing upfront. The return comes from the discount miners accept in exchange for receiving funds early. Hedging can lock in a notional return of $BTC , but hashrate delivery and settlement must be completed on schedule. If anything goes wrong in the delivery chain, the principal is still at risk of non-repayment. #BTC #Mining

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