Bitcoin mining firms in India are advised by John Glover, the chief investment officer at Bitcoin lending firm Ledn, to hold onto their mined Bitcoin and use it as collateral for fiat-denominated loans to pay operating expenses instead of selling BTC. This strategy aims to capitalize on the potential price appreciation of Bitcoin, defer taxes, and generate extra revenue by lending out BTC held in corporate treasuries. This debt-based approach mirrors companies like Strategy, which issue corporate debt and equity to finance Bitcoin acquisition and benefit from the diverging fundamentals of BTC and fiat currencies. Bitcoin-backed loans could offer a crucial lifeline for miners in India grappling with the competitive industry and the impact of trade tensions brought on by protectionist trade policies. The mining industry faces high competition and increasing capital costs as more powerful computing resources are deployed to mine blocks and secure the network. US President Trump’s trade tariffs have further exacerbated the challenges by potentially increasing the cost of mining equipment. In March 2025, mining firms in India sold over 40% of their mined supply amid macroeconomic uncertainty and fears of price increases due to trade tensions. This sell-off marked a reversal of a trend since April 2024 and represented the highest monthly BTC liquidation among miners since October 2024. The mining industry in India is under pressure, and the strategic use of Bitcoin as collateral for loans could be a viable solution for miners to navigate the challenging landscape.