Since Bitcoin completed its latest round of halving events in April this year, Bitcoin miners have faced tremendous operational pressure due to BTC price fluctuations and more intense industry competition.
Just yesterday (3), Relm, an insurance company registered in Bermuda, stated in an announcement that it has launched a new insurance policy specifically for Bitcoin miners to help them cope with losses caused by damage to mining facilities.
Relm Miner Insurance Denominated in Bitcoin
It is worth mentioning that the insurance provided by Relm to the miners this time is different from the general insurance which is denominated in fiat currency, but is denominated in Bitcoin. In other words, when Bitcoin miners purchase insurance, they can obtain Bitcoin compensation from the insurance company when they suffer losses.
In this regard, Relm said that this insurance can ensure that miners can obtain funds to maintain their operations when facing downtime caused by equipment damage or power shortages. It is also worth noting that the launch of this insurance also benefited from the Innovative Insurer General Business License (IIGB) issued by the Bermuda Monetary Authority, which also allows insurance companies to compensate miners in Bitcoin.
It can be seen that the ecological development of the Bitcoin mining industry is becoming more and more perfect, and it can be expected that more insurance companies like Relm will provide related services in the future.
Bitcoin miners' earnings hit a new low in September this year
Currently, Bitcoin continues to fluctuate above $60,000, and September is also a difficult month for Bitcoin miners.
According to data from theblock.co, Bitcoin miners' total revenue in September was US$815.7 million, a decrease of US$35.66 million from August, setting a record for the lowest monthly income in 2024.
Among them, $801.84 million came from the block reward of 3.125 BTC of Bitcoin, and transaction fees totaled $13.86 million, which is also the month with the lowest income so far this year.
