{
  "project": "BitPatagonia 27 MW — Río Grande, Tierra del Fuego",
  "currency": "USD",
  "raise_usd": 9720000,
  "investor_cash_contribution_usd": 9720000,
  "bitpatagonia_cash_contribution_usd": 3405000,
  "bitpatagonia_in_kind_contribution_usd": 22209677.4193548,
  "post_money_usd": 35334677.4193548,
  "investor_base_share": 0.275083875385142,
  "bitpatagonia_total_share": 0.724916124614858,
  "category_a_share": 0.2,
  "hurdle_multiple": 1,
  "company_reserve_pct_of_distributable": 0.05,
  "ratchet": {
    "target_month": 29,
    "max_share": 0.35,
    "month_at_max": 36,
    "slope_per_month": 0.0107023035164083,
    "rule": "share = min(max_share, base_share + max(0, recovery_month - target_month) * slope); measured once at recovery month; fixed thereafter"
  },
  "waterfall": {
    "monthly_distributable": "BitPatagonia net cash flow (JV energy charge + mining profit share − taxes − fuel − O&M − salaries − insurance − other fixed − overhaul)",
    "pool": "(1 − reserve) × max(0, distributable)",
    "investor_payout": "min(pool, max(0, hurdle × raise − cumulative_investor_payouts)) + share × max(0, pool − need)",
    "rest": "(1 − share) × max(0, pool − need) → BitPatagonia (Category B in kind + Category A)"
  },
  "schedule": {
    "month_1": "COD (commercial operation)",
    "phase_1_months": 48,
    "horizon_months": 96
  },
  "economics_snapshot": {
    "hashprice_base": 0.04,
    "hashprice_phase2": 0.032,
    "gas_usd_mmbtu_hhv": 3.5,
    "capacity_mw": 27,
    "installed_mw": 32.4,
    "mwh_per_month": 18724.5
  },
  "source_model": "model/BitPatagonia_Inversores_Generacion_27MW_v7.xlsx (tab Opción A — Socio BitPatagonia; scenario blocks rows 61-180; ratchet table rows 183-194)"
}