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Provident Bancorp – DIGIT INFO https://www.digit.info Bookmarking Crypto Insights Wed, 01 Feb 2023 06:01:33 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://www.digit.info/wp-content/uploads/2024/07/cropped-61589-32x32.png Provident Bancorp – DIGIT INFO https://www.digit.info 32 32 Crypto-friendly bank ends loans backed by crypto mining rigs https://www.digit.info/crypto-friendly-bank-ends-loans-backed-by-crypto-mining-rigs/ Wed, 01 Feb 2023 06:01:33 +0000 https://www.digit.info/2023/02/01/crypto-friendly-bank-ends-loans-backed-by-crypto-mining-rigs/

After a bullish 2021 crypto miners sought out loans to allow them to expand, a move which has since backfired following difficult market conditions in 2022.

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]]> Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs https://www.digit.info/massachusetts-based-bankprov-to-end-loan-offerings-secured-by-cryptocurrency-mining-rigs/ Wed, 01 Feb 2023 01:45:03 +0000 https://www.digit.info/2023/02/01/massachusetts-based-bankprov-to-end-loan-offerings-secured-by-cryptocurrency-mining-rigs/ Read more]]> 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 (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan […]

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