Bitcoin production infrastructure for operating businesses.

Operating businesses in Europe face combined effective taxation of 40–55% when extracting profit to personal wealth (corporate tax + personal extraction tax). Retaining capital in the business compounds inside the entity but doesn't move it toward personal ownership.

The legitimate paths are limited: pension contributions (decades of lockup), real estate (heavy, illiquid), or capex deployment into business infrastructure (fully deductible, asset-generating). Each has its trade-offs; your accountant determines which apply to your specific situation.

Bitcoin produced by your mining infrastructure is your business's asset. It's portable across borders, durable through time, and divisible into any size. Unlike real estate (jurisdiction-locked) or pension funds (decades-locked), Bitcoin is liquid the moment your business decides to deploy it. While held, it sits on your balance sheet at production cost or fair value depending on your jurisdiction's standard.

Mining is structurally pro-cyclical. When Bitcoin price rises, mining revenue per TH rises faster than electricity costs (until the network grows to compete). When Bitcoin price falls, mining revenue compresses faster than electricity falls. The break-even curve quantifies this honestly for every mandate.

What mining offers, beyond price exposure: operator leverage during expansionary phases, and infrastructure ownership during contractionary phases. Both are structurally different from holding Bitcoin directly.

Honest framing. In a compressed market, this mandate may produce less terminal dollar value than simply holding the same amount of Bitcoin directly. What it gives your business is Bitcoin in the business's name plus a distribution stream during the term, alongside the capex/opex treatment your accountant determines. If maximum exposure to Bitcoin price alone is the goal, a direct holding is the cleaner trade.

A Montblanc mandate runs from sign-date to the next Bitcoin halving — currently the April 2028 halving. We don't run fixed-length terms; we run halving cycles. The post-halving subsidy cut therefore never lands inside an integration window, so the break-even curve we publish is the one you actually pay against.

UAE & Northern Europe · Industrial cooling · 24/7 monitoring · Operational since February 2025

Mining has fixed operational costs across any cycle — electricity to run the hardware, the operational overhead of the facility, and the structural cost of replacing equipment as it degrades. Above the break-even BTC price, your mandate produces positive net BTC. Below it, the operation runs at a loss in BTC terms. We compute and publish the break-even curve for every mandate, for the term, by month, accounting for the April 2028 halving.

The calculator further down on this page shows the engine-derived break-even curve for any deployment size, alongside two terminal-price scenarios. The methodology page documents how the curve is computed.

Bitcoin's protocol halves the mining subsidy every four years. The post-halving day produces half the gross BTC against an unchanged electricity bill — for the same hardware, the same share of the network, the same kWh.

Most mining offers handle this by running fixed 48-month terms straight through the discontinuity, so a single subsidy cut sits roughly halfway through the mandate. We don't. Every Montblanc mandate is sized to end at the next halving, not through it. The integration window therefore never crosses a subsidy cut — the break-even curve we publish is the only curve you ever pay against.

When the runway to the next halving drops below 12 months, we stop opening new mandates and route enquiries to /reserve instead. Reserved enquiries receive a notification with the first day the next cycle opens. The post-halving cycle reopens with a fresh ~48-month mandate running to the 2032 halving.

The current cycle ends at the April 2028 halving. The closer we get to that date, the shorter every new mandate becomes — because the term is always "sign-date to halving." That changes how we open allocations.

We don't pre-announce reopen pricing or capacity, but every step above is locked in protocol terms — the halving date is not a policy decision. If you want a place in the post-2028 queue, reserve early.

You receive 100% of the Bitcoin produced by your contracted hashrate. No performance fee on your production, no management fee, no markup on hardware. Montblanc's economics are operational — a maintained spare-unit pool, parts inventory, monitoring stack, custom firmware, and at-scale facility operations that produce more BTC per unit of capex than a single client running their own fleet could match. Production-cost economics for you is the consequence of that operational efficiency, not a fee structure layered on top.

Electricity is passed through at supplier cost. We do not mark up power. Monthly invoices show the kWh consumed, our utility cost, and the BTC equivalent at the reference rate. The pass-through is itemised separately from production output for your accountant.

Daily production is signed into the public record; the bitcoin settles on-chain to your hardware wallet on the 16th of each month, net of any unpaid electricity.

What we don't publish: anything that would be unsafe or commercially sensitive (specific facility locations, hardware-level operational data). Everything that matters for your due diligence and accounting, we publish.

Montblanc provides Bitcoin production infrastructure, the operating documentation your accountant needs, and the cryptographic record of your distributions. We do not provide tax advice. Specific treatment of:

…are determined by your accountant and tax advisor in your jurisdiction. We are happy to provide them with our operating documentation, the methodology specification, and the public ledger for their review.

A separate page documents the structural considerations we've seen across jurisdictions: /tax-structuring. It is not advice; it is information for your accountant to evaluate.

Material risks are walked through during your founder call. Risk disclosure is signed by both founders and published.

1. 1.Request a briefing — form below or direct email to richard@montblanc-capital.com.
2. 2.Founder call — Richard or Terence, depending on geography.
3. 3.Bespoke proposal with your specific mandate economics.
4. 4.Your accountant reviews the structuring documentation.
5. 5.Signed mandate, capital deployment, daily production starts.