⌗ HFOur approach
A mining project is an economics problem first.
We run every build through the same five stages — evaluate, design, finance, build, operate — and we model each one before capital is committed.
Evaluate
Prove the deal before committing capital.
A site lives or dies on power. We start where the money is decided — energy price and availability, interconnection reality, climate and water, and the regulatory and tax posture of the jurisdiction. Every candidate is put through the same economic model, so a go decision rests on a break-even BTC price and an all-in cost to mine, not a hunch.
The Deliverable
A ranked feasibility read: the sites worth pursuing, the ones that fail on power, and the assumptions each conclusion depends on.
Modeled by ForgeMetrics
Full-fleet ROI, break-even BTC price, and all-in cost per BTC — computed from live on-chain data, not a stale spreadsheet.
Blueprint · Locate · Power
Design
Engineer the site around the load, not the other way round.
Electrical distribution, thermal strategy, container and facility integration, and the network that ties it together are designed against the real fleet the economics demand. Cooling overhead (PUE) and effective site load are sized up front, because a design that ignores the water bill or the peak-ambient derate is a design that misses its number.
The Deliverable
A buildable site plan: single-line electrical, cooling and water strategy, land footprint, and the network architecture — costed, not sketched.
Modeled by ForgeMetrics
Cooling PUE and effective load, the site-layout land footprint, and per-topology power strategy — grid, gas, or solar.
Blueprint · Design
Finance
Structure capital the way a lender reads it.
Debt and equity are structured against the modeled cash flow — asset-linked tranches, funded reserves, and the incentives that actually apply. We navigate the §48E / §45Y clean-electricity credits under their OBBBA placed-in-service windows and, where a utility or municipality is involved, the DOE Energy Dominance Financing program. The test is simple: does the deal clear its debt-service coverage in a conservative case?
The Deliverable
A capital structure a lender can underwrite — coverage tested against a downside case, with the credit and incentive eligibility documented.
Modeled by ForgeMetrics
WACC / NPV / IRR, multi-tranche debt with a DSCR covenant flag (1.25× default), and §48E/§45Y credit eligibility with the OBBBA phase-outs.
Blueprint · Finance
Build
Deliver on time, on budget, and to the model.
Procurement, logistics, and on-site execution run against milestones and a gated budget — transformers, containers, racking, and commissioning coordinated as one program, not a stack of disconnected vendors. At each stage gate the build is checked back against the economics that justified it, so scope creep and cost drift are caught while they can still be fixed.
The Deliverable
A commissioned site that matches the model it was funded on — with a documented go/no-go at each gate.
Modeled by ForgeMetrics
The Gate-1 conservative go/no-go read and the stage-gate governance record — the same tools your representative is using to manage the process.
Blueprint · Deliver
Operate
Hold the number after the ribbon-cutting.
Standard operating procedures, preventive maintenance, and performance monitoring keep a site at its design point. In this market, the biggest operating lever is when to run. Curtailment strategy is designed in a strike price backtested against settled day-ahead prices, and then watched in real time across the ISO.
The Deliverable
A running operation with SOPs, a maintenance program, and a curtailment policy grounded in real market behavior.
Modeled by ForgeMetrics
Strike Lab’s settled-DAM backtests and Power Watch’s live day-ahead and real-time feeds across six US markets.
Blueprint · Operate
⌗ →The through-line
The same discipline, whether we run it or you do
These five stages are the ForgeMetrics Blueprint — the guided workflow that takes a site from locate to operate, deep-linking the right tool at each step and handing off a bankable memo when the work is done. Engage us as your owner’s representative, or run the method yourself in the software. Either way, nothing gets skipped before ground breaks.