The Two-Currency Problem in Bitcoin Mining And How to Solve It

Every Bitcoin miner runs a two-currency business whether they think about it that way or not. Revenue comes in BTC. Electricity contracts, hosting invoices, hardware purchases, and payroll arrive in fiat-equivalent values. The gap between those two realities is where margin gets quietly destroyed. Most miners have found workarounds: sell BTC at the end of the month, use OTC desks to minimize slippage, hold reserves to avoid forced selling at the bottom. But they don’t solve the underlying...