BankProv will no longer provide loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans. Mining rigs that secured loans have been forced to sell equipment during the several crypto crashes within the past two years. Crypto-friendly bank BankProv has announced that it will no longer provide loans secured by cryptocurrency mining […]
BankProv will no longer provide loans secured by cryptocurrency mining rigs after writing off $47.9 million in loans.
Crypto-friendly bank BankProv has announced that it will no longer provide loans secured by cryptocurrency mining rigs. Prior to this announcement, the bank wrote off $47.9 million in loans secured by them through 2022. However, the subsequent bear market, which began in 2022, created hard conditions for miners, and many were forced to sell theirmining rigs in order to cover operating costs, causing mining hardware prices to plummet.
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