Bitcoin mining is an activity that involves capital risk and it is definitely not cheap. To be competitive, it requires investing money on expensive equipment (ASICs), storage, maintenance and electricity bills. ASICs are vulnerable to the elements and electrical interruptions. A Bitcoin miner will likely suffer losses if a fire breaks out on the premises, a storm damages ASICs or a power outage prevents access to the internet. For that reason, It is crucial for Bitcoin miners to understand risk and their unique business characteristics to consider an adequate insurance coverage. The author of this article discusses the importance of insurance coverage for Bitcoin miners. He writes about the structure of the operations, named insured and additional insureds, mobile mining operations, property damage, business interruption and extra expenses, contingencies, exclusions and a tight insurance market. |