“Lenders continued to buy the DF and sell the NDF. We see the discount of DF’s relative to NDF’s as the interest rate in hashrate-based lending markets. Buyers and sellers of the DF with upfront payment can use the NDF to lock-in a fixed yield or cost of capital instead of having exposure to the uncertain and variable returns of hashprice. In

“Luxor miners can sell forward a portion of their hashrate for upfront funds and expand immediately. Our desk is currently seeing financing deals at a 10-13% (annualized) discount to the hashrate forward curve. “

from https://hashrateindex.com/blog/hashrate-markets-lookback-series-november-2024/