American Mining FundAmerican Mining Fund
$20M deployment · 800 PH hashrate · 18 MW facility
Fund Size
$20M
Hashrate
800 PH
Cost Per PH
$20K
All-In Cost (incl. hosting)
$0.065/kWh
Fund Structure: Harvest / Runoff Model
No exit needed. Like an oil well, the investment pays for itself through ongoing production revenue. Investors receive cumulative cash distributions over the fund's life — no buyer required.
The American Mining Fund is structured as a harvest fund (also called a runoff fund), modeled after the oil & gas private equity structure that institutional investors have used for decades.
Oil & Gas PE (The Analogy)
Investors fund the drilling of wells. There is no traditional "exit" — instead, investors receive ongoing distributions from production revenue as oil and gas is extracted and sold. Over time, the well depletes naturally, and investors have received their principal plus returns through cumulative cash distributions.
American Mining Fund (This Fund)
Investors fund the purchase of Bitcoin mining infrastructure (ASICs, containers, electrical buildout). Mining hardware generates Bitcoin daily, converted to cash distributions paid monthly or quarterly. Over the hardware's useful life (~4–6 years), investors receive principal plus returns through cumulative distributions. No buyer needed.
At end of hardware life, equipment is sold on the secondary market for residual value, recycled, or upgraded — providing additional return or extending the fund's productive life.
The Investment Thesis
Historic Valuation Arbitrage
Hashrate infrastructure costs have collapsed 80% from the 2021 peak ($100K+ per PH) to today's $20K per PH. Simultaneously, network hashrate is hitting all-time highs while hashprice trades at multi-year lows. Institutional miners are expanding production at record pace — a signal they see value the market hasn't priced in.
America's Strategic Bitcoin Infrastructure
The U.S. now controls ~40% of global Bitcoin hashrate (up from 1% in 2020). Texas, Wyoming, and Iowa have become the backbone of Bitcoin's security. This fund captures that trend by deploying in hydro-powered Iowa, leveraging stranded energy and connecting to the most stable power grid in North America.
Supply Shock on the Horizon
Bitcoin halving cycles last ~4 years. We are 18 months into Cycle 3 (2024-2025). Historically, price appreciation accelerates 12-18 months post-halving. We are positioned to benefit from both mining economics AND price appreciation, creating a dual-leverage play.
Fund Infrastructure
Hardware Specifications
Miner Model
Most efficient hydro-rated miner
Bitmain Antminer S21e XP Hydro
Hashrate Per Unit
Per miner
430 TH
Total Miners
Approximate (includes prepays/deposits variance)
~1,860 units
Power Efficiency
Industry-leading efficiency
13 J/TH
Total Power Draw
Peak facility consumption
18 MW
Operating Economics
Hosting Location
Stranded wind power
Iowa
All-In Rate (electricity + hosting)
Includes hosting, power, & facility — no hidden fees
$0.065/kWh
Cost to Mine 1 BTC
Fixed all-in cost
$46,800
Uptime Guarantee
Contractual minimum
95%
Profit Share Split
Based on net mining profits only
70% Investor / 30% Management
Current Operations
Gasbox currently operates mining infrastructure across 3 active sites, with live, revenue-generating deployments across the U.S. and internationally.
Active Sites
3
Total Hashrate
284 PH
Machines Online
1,216
Avg. Uptime
96%
Site-by-Site Breakdown
Iowa
Wind/Grid Blend
Brazil
Hydroelectric
Texas
Natural Gas
Iowa
Wind/Grid Blend
Hashrate
183 PH
MW
4.58
Machines
784
BTC/Day
0.194
Brazil
Hydroelectric
Hashrate
47 PH
MW
1.18
Machines
201
BTC/Day
0.050
Texas
Natural Gas
Hashrate
54 PH
MW
1.35
Machines
231
BTC/Day
0.057
Total · All Sites
Hashrate
284 PH
MW
7.10
Machines
1,216
BTC/Day
0.301
Daily BTC Output (All Sites)
0.301 BTC/day
Gross before operating costs & splits
Infrastructure Footprint
7.10 MW
Estimated power consumed across all sites
Direct Liquid Cooling (DLC) Infrastructure
On the Horizon: Bitmain Antminer S23 Hydro — Release Date Unknown
Bitmain announced the next-generation S23 Hydro with meaningfully better efficiency specs: 580 TH per unit at 5,510W — that's approximately 9.5 J/TH, compared to 13 J/TH on the S21e XP Hydro we're deploying today. More efficient hardware means lower electricity cost per BTC mined and higher net margins at every hashprice level. The S23 was originally expected in February 2026 but has not yet been released. Nobody knows when it's actually coming. This fund deploys into the best available hardware today — if and when the S23 becomes available at scale, we'll evaluate it as an upgrade path.
This fund deploys exclusively into Direct Liquid Cooling (DLC) Bitcoin mining infrastructure — also known as hydro-cooled or liquid-cooled mining. Every dollar of the $20M raise goes into facilities where machines are cooled by liquid, not air. This is not a minor operational detail — it is one of the most significant structural advantages in modern Bitcoin mining.
Superior Efficiency: 13 J/TH
The Bitmain Antminer S21e XP Hydro achieves 13 J/TH — among the best efficiency ratings of any production miner. Air-cooled equivalents run 20–30 J/TH. That gap translates directly into lower electricity costs per BTC mined and higher net margins at every hashprice level.
Machines Last Longer
Thermal stress is the #1 killer of mining hardware. Air-cooled ASICs operate at sustained high temperatures with fans running at full speed — components degrade rapidly. Liquid-cooled units run significantly cooler, under far less mechanical stress. Industry data shows DLC miners achieve 2–3x the operational lifespan of air-cooled counterparts.
Higher Hashrate Density
Liquid cooling removes heat far more efficiently than air, allowing machines to be stacked at much higher density per square foot. This means our 18 MW facility operates with a smaller physical footprint — lower real estate cost, less infrastructure overhead, and more hashrate per dollar of facility investment.
Less Downtime, More Uptime
Air-cooled facilities depend on complex hot/cold aisle management, industrial HVAC systems, and constant fan maintenance. DLC eliminates most of that complexity. Fewer moving parts, fewer failure points, and more consistent operating temperatures translate into higher real-world uptime — supporting our contractual 95% uptime guarantee.
Lower Noise & Facility Wear
Air-cooled mining facilities are loud, hot, and hard on buildings. DLC sites run quieter, cooler, and place less physical stress on the facility itself. This reduces ongoing maintenance costs and makes future facility expansions significantly simpler and cheaper.
The Institutional Standard
The largest public mining companies — Marathon, Riot, Core Scientific — are actively converting facilities from air to liquid cooling. DLC is where institutional capital is going. By deploying 100% into DLC from day one, this fund is already at the infrastructure standard the industry is migrating toward.
Financial Projections
The Hashprice Thesis
All projections shown at current hashprice levels — the most conservative assumption (the floor). The fund's thesis is that hashprice will increase from current levels, which represent a cyclical low following the most recent halving. Historically, hashprice recovers significantly in the 12–24 months post-halving as Bitcoin price appreciation outpaces difficulty growth. At moderate recovery scenarios, the payback period compresses from ~8 years to 3–4 years.
For detailed hashprice modeling → gasbox.org/calculatorAll projections shown at current hashprice levels. Use the slider below to model different hashprice scenarios.
Adjust hashprice to see returns under different market conditions
(Conservative)Post-Halving
RecoveryBull
Market
Annual Operating P&L
Gross Mining Revenue
128.17 BTC at $86,569.19
$11,096,000
Electricity Cost
All-in rate: electricity + hosting combined at $0.065/kWh
-$5,921,760
Insurance & Ops
$2.19/PH/day
-$639,480
Net Profit (95% uptime)
Total profit to be split
$4,308,022
↳ Investor Share (70%)
Your annual distribution
$3,015,615
↳ Management Fee (30%)
Operations & hosting
$1,292,407
Fund Return Metrics
Annual ROI
at $38/PH/day
15.1%
Payback Period
To recover initial $20M
79.6 months
Monthly Cashflow
Ongoing monthly distribution
$251,301
BTC Accumulation/Year
Direct Bitcoin holdings
128.17 BTC
Market Context: Why Now
Hashprice Cycle
Hashprice crashed to 8-year lows while network hashrate hit all-time highs. Institutional miners are still expanding — a signal of conviction on near-term hashprice recovery.
Bull case: Hashprice recovers to $150+ in next cycle (2026-2027)
Energy Consumption Growth
Bitcoin mining electricity use is projected to triple by 2030 as adoption accelerates. Our fund benefits from this secular trend.
Growing demand = more consistent hashprice support
Industry Infrastructure Spending
$24.3B spent on mining infrastructure in 2025 — the largest buildup since the 2021 bull run. Public miners are deploying billions despite low hashprice, signaling confidence in near-term recovery.
Supporting Research & Articles
U.S. Takes Bitcoin Mining Crown After China Crackdown
The Wall Street Journal
Bitcoin Energy Use — Mined the Gap
International Energy Agency (IEA)
Largest Crypto Miners Will Benefit Most From Capacity Growth
CoinDesk
Luxor Hashprice Index — Live Hashprice Data & Mining Market Analysis
Luxor Mining
AI's Race for US Energy Butts Up Against Bitcoin Mining
Reuters
BlackRock's Most Profitable ETF Is a Nearly $100 Billion Bitcoin Giant
Bloomberg
Fund Competitive Advantages
Stranded Wind Power
Iowa wind infrastructure provides renewable, stable power. The $0.065/kWh is the all-in rate — electricity and hosting combined — with no additional fees.
Hardware Ownership
Fund owns all mining hardware outright. No middleman. Direct hashrate acquisition at wholesale cost.
Fixed Cost Economics
Cost to mine 1 BTC locked at $52,468. Hashprice upside flows entirely to fund investors.
Leverage to Bitcoin Price
As network hashrate rises with adoption, hashprice stabilizes. Bitcoin price appreciation is pure leverage.
95% Uptime Guarantee
Contractual uptime protection with compensation for excess downtime. Returns are protected in writing.
Strategic Location
Iowa provides grid stability, regulatory clarity, and proximity to major data centers and energy infrastructure.
The Macro Thesis
Bitcoin as Digital Reserve Currency
Bitcoin is transitioning from speculative asset to digital reserve currency. The Trump administration's strategic Bitcoin reserve announcement, BlackRock's massive ETF inflows, and institutional adoption across pension funds and sovereign wealth funds signal a regime shift. Bitcoin is becoming the settlement layer for digital assets globally.
Security = Energy Consumption
Bitcoin's security is proportional to hashrate, which is proportional to energy consumption. As Bitcoin's role as digital reserve currency expands, security requirements increase. More security = higher energy spending = higher sustained hashprice. Our fund captures this secular growth in mining profitability.
U.S. Strategic Bitcoin Infrastructure
The U.S. government now views Bitcoin security as a strategic asset. The shift of 40% of global hashrate to America (from 1% in 2020) is not accidental. Iowa's hydro-powered mining infrastructure directly supports this strategic objective, ensuring reliable, decentralized mining away from China.
Historical Halving Cycle Context
Cycle 1: 2016–2019
Avg Hashprice
$607
Avg Bitcoin Price
$4,869
Post-halving 2x rally
Cycle 2: 2020–2023
Avg Hashprice
$159
Avg Bitcoin Price
$33,473
COVID crash → 10x recovery
Cycle 3: 2024–2025 (Current)
Avg Hashprice
$62
Avg Bitcoin Price
$89,768
We are here. Next 12-18mo = bull run
Frequently Asked Questions
Questions from private equity and institutional investors evaluating this fund.
For detailed hashprice modeling and scenario analysis, visit gasbox.org/calculator
Fund Principals
The fund is managed by experienced operators with direct, hands-on experience building and running Bitcoin mining infrastructure.
Jarret Porter
Managing Partner
Jarret brings deep experience in Bitcoin mining infrastructure, site selection, and power procurement. He has led the buildout of multiple mining facilities across the United States, with hands-on expertise in hardware deployment, operations management, and investor relations. His background spans energy markets, digital assets, and venture-backed technology companies.
📞+1 (512) 710-8777
Justin Chiang
Co-Founder & Operations
Justin oversees Gasbox's operational infrastructure, technical buildout, and day-to-day mining operations. With direct experience managing live ASIC deployments, facility logistics, and hosting relationships, he ensures the fund's infrastructure runs at peak efficiency. His background includes hardware engineering, data center operations, and Bitcoin mining economics.
📞+1 (858) 997-4690
Gasbox LLC · Bitcoin Mining Infrastructure · Iowa Facility
This is a confidential investment document. Only distribute to qualified investors.
GASBOX
Confidential · Invitation Only
Step 1 of 2
Enter your email to begin.
This document is distributed exclusively to invited parties. Your email is logged for access audit purposes.
Confidential investment document. Restricted to qualified, invited investors only. Unauthorized distribution is strictly prohibited.