Relm Insurance has launched business interruption cover for bitcoin miners, in what it says is the first bitcoin-denominated insurance product.

Head of product innovation and emerging risk Claire Davey says Bermuda-based Relm’s product “addresses the unique risks faced by the bitcoin mining community. It provides robust financial protection against losses from operational interruptions caused by physical damage to property.”

Relm holds an innovative insurer general business licence with the Bermuda Monetary Authority that enables indemnification of bitcoin miners using the same currency they are mining.

The company says its specialty products protect businesses working in Web3, digital assets, artificial intelligence, biotech and the space sector.