For institutions and BTC treasury desks
Your Bitcoin treasury,
but it mines.
A treasury that holds BTC owns a thesis that produces nothing while it sits. Minting SHASH keeps the same thesis and puts machines under it: real hashrate that pays BTC, day after day, to an address you control, in a position you can exit any day.
Every figure below is computed live from the last 144 blocks, including the ones that move against us.
The math, live
What a minted dollar produces, in BTC
Two allocations, one machine and roughly $1M, priced on the live tape. The formulas are shown because your analysts will rebuild them anyway.
The headline yield is computed in your browser from two live inputs: the BTC actually paid to miners over the last 144 blocks, and the composite BTC price. Until both arrive we show nothing rather than a cached or invented figure. The formulas below are the entire model.
gross BTC a year = TH × hashprice (BTC per TH per day) × 365 energy $ a year = TH × $0.01368 × 365 ($0.06 per kWh at 9.5 J per TH) net BTC a year = gross BTC - (energy $ ÷ BTC price) yield % a year = net BTC ÷ (mint $ ÷ BTC price)
One machine
$15,660 → 580 tokens = 580 THProduction figures appear once the live inputs arrive.
A $1M allocation
63 machines, $986,580 → 36,540 THProduction figures appear once the live inputs arrive.
The floor, and the lever above it
the stake ratio, the one input that is not a market priceEvery figure above is the floor case, 100% of supply staked, where a staked token mines with exactly 1 TH: the fleet split can never give it less. Whenever part of the supply sits unstaked, the whole fleet's hashrate is divided among fewer staked tokens. At 75% staked each one mines with 1.33 TH; at 50%, with 2 TH. The multiplier is 1 divided by the staked share, and energy bills on delivered TH, so the net scales by the same factor.
A mechanical rule about fleet arithmetic, not a promise about other holders' behavior: where the ratio settles is theirs to set, and at 100% staked the multiplier is exactly 1.
At today's hashprice and BTC price: both move daily, in both directions, and the block subsidy halves around April 2028, which halves the subsidy leg of hashprice unless fees, difficulty, or price move to offset it. Figures are before pool fees (0.5% at SegPool, 1% at Braiins) and are quoted at 100% staked, the floor case: the stake-ratio lever above scales them, never below 1x. Yield is measured against the BTC your mint dollars would buy today.
Why mint instead of hold
Two return legs on one position
The BTC the machines mine, and a principal whose floor is a machine that has historically moved with BTC. Both legs are stated with their limits. A third lever, the stake ratio, sits under the first leg; it gets its own section below.
Yield, paid in BTC
Staked tokens mine to any pool you name, and the pool pays a BTC address you control. Rewards never route through Segments: there is no account with us holding your coins, no claim step, no withdrawal queue. What the position earns arrives as sats, at your address, on the pool's payout schedule.
BTC-linked principal
One token is one terahash, and 580 tokens always redeem one S23 Hydro, so the token's floor tracks the machine under it. ASIC prices have historically moved with the Bitcoin price: Blockware Solutions' published ASIC market research (read 11 August 2026) found machine prices roughly correlated with BTC across recent cycles, rising by a similar magnitude in bull markets, with the S19 as the worked example. Historical correlation, not a promise: machines carry a market of their own, and it can lag or overshoot.
The third lever
Yield scales with the stake ratio
Staked tokens split the entire fleet's hashrate. Your delivered terahash is your share of the staked supply times the whole fleet, so each staked token mines with 1 divided by the staked share:
your TH = (your staked ÷ all staked) × fleet TH TH per token = 1 ÷ staked share 100% staked = 1 TH per token, the floor 75% staked = 1.33 TH per token 50% staked = 2 TH per token
Run it both ways. When holders sell, they unstake first, so the staked share falls and every remaining staked token mines with more hashrate: the yield rises exactly when the price dips, which is what draws buyers back in, and that returning demand is what supports the price when the ratio drops. When holders stake and sit, the tradable float shrinks instead, and anyone wanting exposure has to bid for it. Selling raises the yield, holding raises the scarcity.
Three ways to hold the thesis
Hold BTC, run miners, or mint
The honest version, badges and all. Holding wins more rows than we do; a table where one column wins everything is an advertisement.
| Hold BTC | Run your own miners | Mint SHASH | |
|---|---|---|---|
| BTC yield | None. The position sits still. | Yes, if you build the operation and run it well. | Daily sats from mining, paid by the pool to a BTC address you choose, net of metered energy.Best |
| BTC price exposure | Pure. One to one, nothing in between.Best | Through hardware value and the coin you mine; machines carry a market of their own. | Two exposures stacked: the machine floor under the token, historically moving with BTC, plus the BTC you accumulate every day.Best |
| Operational burden | None, and nothing earns. There is nothing to run. | Sites, power contracts, firmware, repairs, staff, downtime. | Mint, set a payout address, keep the energy balance topped up. The machines are our job.Best |
| Liquidity and exit | The deepest market in the asset class. Any size, any minute.Best | Used hardware moves in weeks, usually at a discount. | Sell any amount, any day. AEG commits to hold BTC worth 50% of token value on its balance sheet to stand behind market liquidity, and 580 tokens always redeem a physical machine.Best |
| Custody | Your keys or your custodian. Nothing else to trust.Best | Your machines, on your site. | Tokens sit in your own wallet. The machines sit with AEG, a listed company: audited, accountable custody with no key ceremony to run.Best |
| Counterparty | None in self custody; your custodian otherwise. | Your hosting provider, if you use one. | AEG, a listed operator, stands behind its obligations with physical machines: an asset a key compromise cannot drain. The dependency is real and itemised below.Best |
| Control over the operation | There is no operation to control. | Total. Your machines, your firmware, your pool, your uptime.Best | You choose the pool, the payout address, and the exit. We choose the hardware. |
| Rows won, ties counting for both | 3 | 1 | 6 |
Holding BTC still ties three rows: exposure, liquidity and custody are real strengths and we would rather share those badges than argue with them. Self mining keeps control. The rows SHASH wins outright are the three a treasury desk is usually missing: BTC that produces more BTC, no operations team, and a counterparty whose backing is physical machines. The AEG balance sheet commitment, the 2.5% transfer fee and the other costs of the SHASH column are itemised in the risk list below, as of 11 August 2026.
The whole operation, in four lines
No site visits, no firmware, no power contracts. This list is complete.
Mint
$15,660 per machine, 580 tokens each, powered on and run by us.
Rewards arrive
Your stake mines to the pool you set; payouts go straight to your BTC address.
Sell any amount, any day
On the DEX, in one transaction. A position, not a project.
Or take the machines
Burn 580 tokens and a physical S23 Hydro ships to you.
The risks, stated plainly
A desk that hides this list expects you not to read. We would rather you priced it.
The token price moves in both directions. Redemption puts a machine under every 580 tokens, which anchors the price to hardware value, but it is not a promise about the price on the day you sell.
Hashprice varies. Difficulty, transaction fees, and the BTC price all move it daily, and the block subsidy halves around April 2028.
Production pauses in curtailment. If a terahash ever earns less than its power costs, the fleet pauses. Energy is billed on delivered terahash, so the meter pauses with it, and so does the yield.
Segments operates the fleet. You are trusting our datacenters, our uptime, and our billing key for card payments. The ledger is on chain; the machines are not. AEG, the listed company behind Segments, stands behind these obligations.
The liquidity commitment is a balance sheet policy. AEG commits to hold BTC worth 50% of outstanding token value to stand behind market liquidity, alongside physical redemption at 580 tokens per machine. It is a stated policy of a listed company, not an on chain escrow; treat it as counterparty backing, and price it that way.
Transfers carry a 2.5% fee each way. Taken in SHASH on wallet and DEX transfers. Staking and unstaking are refunded the fee in the same transaction.
What is live today is a devnet preview. Minting sells whole machines now; the trading pool opens with mainnet.
Tokenized hashrate involves market and operational risk; the token price moves in both directions. This page is not investment advice.
Size it with a person
Allocations are sized in whole machines, 580 TH at $15,660 each. For tranche pricing, custody questions, or a redemption walkthrough, the desk is a person, not a ticket queue.