Sberbank blockchain ATMs are a revolution?

Per the latest insights, the largest and oldest bank of Russia, Sberbank, has invested over $100 million in around 5000 blockchain ATMs that will be able to perform cryptocurrency mining and, more specifically, Bitcoin mining.

Reportedly, the bank would be adding a built-in graphic card that could support the blockchain transactions to 4,917 ATMs. Sberbank holds about 44 percent of all the personal deposits of the country. The bank has 14,200 branches and 7700 ATMs all across Russia. The largest shareholder of the bank is the state itself.

Herman Gref is the Chairman and CEO of the Sberbank; he was the former Minister of Economy and Trade of Russia. Gref is known to be an enthusiast for new and advanced technology and innovation, including the blockchain.

Sberbank’s world’s first blockchain ATMs

As per the report, for the blockchain ATMs that could perform Bitcoin mining, a budget of approximately $ 108,501,718.05 has been allocated. Hence, for every ATM, $ 22,066.65 would be spent. A key technical requirement for blockchain-powered ATM is to have a graphics card.

The graphics card would be installed with the help of Nvidia Cuda for the OS to enable image recognition and probable blockchain interoperability. Though Bitcoin ATMs are not a new creation, yet regular bank ATMs with the blockchain technology has never been heard of before.