Short answer: lenders who work with miners usually ask for site and fleet details, power costs and contracts, a year of profit and loss, the Bitcoin you hold and what is already pledged, your existing debt, and a break-even Bitcoin price. The exact list depends on the lender and the deal. Lender-ready reporting means handing over those numbers in a form someone outside your business can check: each figure labelled with where it came from, from a month that is closed and does not quietly change.
What lenders ask Bitcoin miners for
No lender publishes one standard checklist, and requirements change with the size and type of loan. Two public sources give a good picture of what to expect.
Greengage's primer for miners (July 2026) includes an operational readiness checklist:
| Area | What the checklist asks for |
|---|---|
| Operations | Megawatts deployed, fleet models, age and efficiency, uptime history |
| Energy | All-in power cost, power contract structure and term, curtailment rights |
| Treasury | Bitcoin held, retention policy, current encumbrances |
| Financials | 12-month profit and loss, cash reserves, existing debt |
| Models | Break-even Bitcoin price, difficulty sensitivity, ASIC resale value |
| Risk | Hedging positions, insurance coverage, counterparty exposure |
Luxor's onboarding documentation for its derivatives desk lists a similar set: site names, locations and activities, installed capacity in PH and MW, ASIC fleet specifications, power costs and expansion plans, insurance and power procurement documents for each site, mining pool performance data, and recent financial statements with a list of future obligations.
Expect the work to continue after the loan closes. As a Braiins article on mining debt puts it, loans typically come with their own operational and reporting requirements. A lender who asked for site economics before lending will usually want them again every month or quarter.
Why lenders find miner numbers hard to check
From the outside, a lender sees output: hashrate and the Bitcoin that left the pool. What each site cost to run, which site earned what, and what the machines are worth sit in the operator's own files and spreadsheets. Two operations with the same hashrate can have very different economics, and a lender has no easy way to tell them apart.
The problem is rarely that the numbers are wrong. It is that a reader outside the business cannot see where each one came from. A spreadsheet total looks the same whether it was pulled from an exchange or typed in by hand. Reporting that a lender can work with makes that difference visible.
What is in the Flash lender pack
Flash produces a lender pack from each month you close and lock. Flash shaped the pack with lender feedback. It contains:
Revenue and break-even by site
What each site earned, what it cost, and the Bitcoin price where it stops covering its costs, at three levels: energy only, site cash costs, and fully loaded with depreciation.
Fleet and costs
Machine groups, running units and uptime, the costs you file for each site, and the depreciation schedule from your fleet register.
Holdings
Bitcoin held at month end, by wallet and exchange.
Every figure labelled by source
Each number is marked as pulled from an exchange, imported from your files, or declared by you.
Months that lock
A closed month stays as it was sent. If something changes later, the correction is appended, never written over the original.
A fingerprint
Every file is checksummed and the pack carries a fingerprint, so whoever receives it can confirm nothing changed after you sent it.
How the pack maps to what lenders ask
The pack answers the site economics part of a lender's list. It does not answer all of it, and it is better to say so up front.
| What lenders ask for | In the Flash pack? |
|---|---|
| Revenue by site, by month | Yes, from each locked month |
| Break-even Bitcoin price | Yes, per site, at energy, site cash and fully loaded levels |
| Fleet: machine groups, running units, uptime | Yes, from the fleet data you record (declared) |
| Costs by site | Yes, from the costs you file (declared) |
| Depreciation schedule | Yes, from your fleet register |
| Bitcoin held at month end | Yes, by wallet and exchange |
| Monthly history | Yes, one locked pack per closed month, with corrections appended |
| Balance sheet, income statement and cash flow statement | No. These come from your accounts |
| Schedule of existing debt | No. You supply it |
| Power purchase agreements and hosting contracts | No. You supply them |
| Hedging, insurance, difficulty sensitivity and resale models | No. You supply them |
Pulled, imported and declared
Not every number in a mining business can be checked the same way, and the pack does not pretend otherwise.
- From exchange. Pulled from a connected exchange. Direct connections are live for Kraken, Coinbase, Coinbase Prime and Gemini. A lender can check these against the exchange.
- Imported. Brought in from your files, such as the payout exports you download from your pool. A lender can check these against those files.
- Declared. Your own statements, such as power bills you enter as costs or the machines in your fleet register. Flash does not verify them. It marks them so a reader knows which figures to check against your documents.
The pack is not an audit. It is your numbers, each labelled with its source, in a form someone else can check.
Getting your reporting ready
1. Give each site its own payout address
If every site pays into its own address, pool financial account or subaccount, revenue splits by site from the data alone. If several sites share one wallet, you cannot separate them later without guessing.
2. Bring in your payouts and receipts
Connect your exchange accounts and import your pool payout exports each month. Our guide to Braiins Pool and Luxor payouts to QuickBooks walks through the exports step by step.
3. Record your fleet
List machine groups with units, cost, in-service date and useful life. That is what the depreciation schedule and fully loaded break-even are built from.
4. File costs by site
Power, hosting and other site costs for the month, entered against the site that incurred them.
5. Close and lock the month
Review unmatched activity, close the month, and lock it. The pack comes from the locked month.
6. Send the pack with the rest of your file
Share the pack alongside the documents it does not cover: your financial statements, debt schedule and contracts.
Questions
What do lenders need from a Bitcoin miner?
It varies by lender and by deal. Public checklists commonly include site and fleet details, power costs and contracts, a year of profit and loss, Bitcoin held and what is already pledged, existing debt, break-even Bitcoin price, and hedging and insurance.
What is a lender pack?
A monthly report produced from a closed and locked month: revenue and break-even by site, fleet and costs with the depreciation schedule, Bitcoin held at month end, and every figure labelled with its source. Flash shaped it with lender feedback. It is fingerprinted so a reader can confirm it has not changed.
How do I calculate break-even Bitcoin price per site?
Divide the site's costs for the month by the Bitcoin it produced. Flash shows three levels for every site: energy only, site cash costs, and fully loaded with depreciation.
Can a lender check the numbers in the pack?
Each figure says where it came from, so a reader knows what to check it against: the exchange, the files you imported, or your own records for declared figures. The fingerprint shows the pack has not changed since you sent it. Flash does not verify declared figures.
Does the pack replace financial statements?
No. It does not include a balance sheet, income statement or cash flow statement, a schedule of existing debt, or your power and hosting contracts. You supply those separately.
Does Flash lend money or arrange loans?
No. Flash produces the reporting. It is not a lender or a broker.
Flash brings pool exports, exchange deposits, your costs and your fleet together into per-site books, a locked monthly close and a lender pack. See Flash for miners, or see what a lender receives.