Bitcoin Mining
Sberbank issues Russia's first crypto-backed loan to bitcoin miner
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Russia's largest bank, Sberbank, has issued the country's inaugural loan secured by cryptocurrency, marking a significant step in integrating digital assets into traditional finance. The pilot loan went to Intelion Data, one of Russia's major bitcoin mining firms, with the collateral held securely in Sberbank's custody system. This move signals growing institutional interest in crypto amid evolving regulations.
Elvira Nabiullina, governor of Russia's central bank, has stated that bitcoin mining is contributing to the ruble's strong exchange rate. This marks a shift from the bank's previous anti-crypto stance. Officials are now discussing regulations to allow crypto trading through banks.
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A prolonged downturn in cryptocurrency has rendered Bitcoin mining unprofitable for many operators, leading them to repurpose their energy-intensive infrastructure for artificial intelligence applications. Companies like IREN Ltd. are betting on the growing demand for AI data centers. This pivot highlights the overlapping needs of crypto mining and AI computing.