Bankprov said its digital asset loan portfolio will continue to decrease as the firm has ended new loan originations backed by crypto mining rigs.
The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission , Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan originations backed by mining equipment.that it holds approximately $41.
7 million of the debt backed by crypto-mining equipment. Collateralized loans secured by application-specific integrated circuit mining rigs became a popular investment vehicle in 2021, but the crypto winter resulted in significant pressure on the industry. By the end of June 2022, Luxor executive Ethan VeraSince then, several crypto-mining companies have either sought bankruptcy protection or reorganized tens of millions in debt.
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