"Typically, loans are extended to miners who purchase hundreds of thousands to millions of dollars worth of equipment. Crucially, the loans have short payback periods (18-24 months), and the interest rates are usually double digits (we estimate 15% as a rough average).

Loan-to-value ratios range from 65% on the conservative end to 80%+ on the liberal end. Needless to say, those lenders with over 80% LTV ratios who are managing larger books are exposed to more risk than those who offer lower LTV. Given the risk, most lenders would only extend loans to seasoned miners with proven operations. Typically, these loans are collateralized either with BTC or bitcoin mining machines."

Holy fuck, these are dangerous loans. Look out for cheap ASICs on the market if there's a liquidation spiral soon 👀👀