ABLs, Bitcoin Miners And Monetizing Stranded Energy

It is very difficult to get a senior credit officer comfortable with bitcoin. Utter the words "bitcoin mining" to a group of asset-based lenders and it will not likely go over well. How has a working-capital intensive, increasingly carbon-neutral, industry with hundreds of millions of dollars of equipment, accounts receivable and real estate, received practically zero debt capital from any secured lender? Most likely, because bitcoin carries a stigma that it is (i) a mechanism for fraud used by unscrupulous executives to purchase homes in the Bahamas, (ii) inherently worthless without backing by "real" assets or a central bank, (iii) a device for criminal misconduct, (iv) a Ponzi scheme, (v) "probably rat poison squared," and (vi) a massive waste of energy resources and deleterious to the environment that will inevitably cause the industry to enter a spiral of decline and losses. The merits and value of the above are yet to play out in the open-market, and the reality