Major African Insurer Refuses to Cover ‘Risky’ Crypto Mining Equipment

  • By CCN Markets : One of Africa’s largest insurer, Old Mutual, announced that it will no longer cover crypto mining equipment due to lack of regulation, wrote IOL on June 12.
  • According to a local report , Old Mutual is convinced that the cryptocurrency industry is associated with cybercrime while the equipment used for crypto mining is highly modified and operates on a 24/7 basis, making it susceptible to malfunctions such as overheating.
  • Old Mutual’s refusal to cover crypto mining equipment will not likely have a big impact on the sector.

Read full article: ccn.com