Bermuda-based Relm Insurance has launched a policy specifically tailored for bitcoin miners that covers periods of business interruption.

This innovative insurance product is significant as it allows miners to secure indemnification in bitcoin, thanks to the Class Innovative Insurer General Business license granted by the Bermuda Monetary Authority.

The policy aims to safeguard miners from financial losses resulting from disruptions caused by physical damage to their equipment or facilities.

Miners in the bitcoin sector have encountered a number of challenges recently, including changes to the block reward system that have impacted profitability. Additionally, the price of bitcoin has been under pressure from various selling forces and geopolitical events.

This new BTC Business Interruption Insurance marks a notable first in the industry.