Bitcoin miner Crusoe Energy has sold 50 BTC ($1.3 million) of future revenue on newly launched liquidity platform Block Green, the two firms told CoinDesk.
Switzerland-based Block Green has built a marketplace where liquidity providers looking for bitcoin-native investments can buy future hashrate, or computing power, over a specified period of time. The liquidity platform includes “know-your-miner” information about the miner’s financials and operations.
Under the deal, Crusoe will direct bitcoin rewards from 220 petahash/second (PH/s) of mining over 90 days to Swissborg, a Switzerland-based crypto exchange.
Block Green focused on “offering attractive and scalable yields to bitcoin holders,” which has “triggered a lot of demand from institutions holding bitcoin” given that bitcoin yields offered elsewhere remain low, said Sebastien Hess, CEO and co-founder.
“The biggest challenge with hashpower sales has been finding natural buyers,” and Block Green has “prioritized finding holders of bitcoin who are looking to find a way to generate a yield,” said Chase Lochmiller, CEO and co-founder of Crusoe.
The platform currently hosts 40% of the largest publicly traded bitcoin miners and is onboarding more every week, said Hess. It is also working on a sustainability evaluation framework for miners’ operations. There is a “growing demand for green BTC among LPs, who are even willing to pay a premium for it,” said Hess.
