The currencies backing the loan were mined by the borrowing company.
If the operation is successful, it could be carried out with more companies in the future.
Sberbank, Russia’s main bank, granted the first loan in its history backed by cryptocurrencies. The loan is intended to finance the expansion of the company Intelion Data’s Bitcoin mining operations.
The loan guarantee consisted of the same digital currencies that the borrowing company generates through its mining activity. To safeguard these assets, Sberbank implemented its Rutoken custody platform, responsible for their protection throughout the entire term of the loan.
“This pilot agreement allows testing mechanisms to work with digital assets safely,” stated Anatoly Popov, vice president of Sberbank, who added that these tests will serve as a basis for future regulations in coordination with the Central Bank.
Timofey Senov, CEO of Intelion Data, described the alliance as a fundamental practical example for the sector, and considered that, if proven effective, This financing model could be expanded to the entire mining industry.
Most likely, the collateral used for the loan will be exclusively bitcoin (BTC), given Intelion Data’s profile as a miner specialized in the currency created by Satoshi Nakamoto. However, the official announcement does not explicitly confirm this, instead they use generic terms such as “mined digital currency” or “mined cryptocurrencies.”
Russia stands out as a mining country
The growth of bitcoin and cryptocurrency mining in Russia has been driven by decisive structural advantages. Notable among them are electrical energy with some of the lowest costs in the world – especially in regions such as Irkutsk or Siberia, where rates can be around USD 0.03 USD 0.04 per kWh – and a cold climate that reduces cooling costs.
According to reports from the Russian Ministry of Energy, it is estimated that the energy consumption of Bitcoin miners in the country reached between 1.7 and 2.3 GW in 2023, a significant increase compared to previous years. This figure consolidates Russia as one of the three largest mining centers globally, as CriptoNoticias has been reporting.
Intelion Data, reflecting the dynamism of the sector, reported revenues of 79 million dollars in 2024 and operates with an energy capacity close to 300 megawatts. As part of its expansion strategy, the company is developing new data centers in prime locationsclose to strategic energy infrastructures such as the Kalinin nuclear power plant, located in the Tver region, northwest of Moscow.
The granting of the first formal credit to a cryptocurrency miner represents a strategic advance, which aligns banking with monetary policy. The Central Bank of Russia has shown growing interest in regulating and allowing these operations under certain annual limits, an approach that seeks to capitalize on the country’s weight in the industry. since it registers more than 15% of the world hashrate.