Trending Topic: BlockFi Offering Bitcoin Mining Machine-Backed Loans Again

BlockFi plans to sell $160 million in loans backed by approximately 68,000 Bitcoin mining machines.

BlockFi aims to offer $160 million in loans secured by 68,000 Bitcoin mining equipment. November saw the crypto lender declare Chapter 11 bankruptcy.

Crypto lender BlockFi Inc. was declared Bankrupt previously and now plans to sell about $160 million of loans backed by almost 68,000 Bitcoin mining machines. The New Jersey-based company filed for protection from creditors last year in November, initiating a bidding process for the loans.

It has been reported by Bloomberg that bankrupt cryptocurrency lender BlockFi Inc.

Troubled crypto firm BlockFi plans to liquidate approximately $160 million in loans backed by approximately 68,000 Bitcoin mining machines, according to a report by Bloomberg. The move aligns with on-chain data that indicates crypto miners are selling both freshly minted Bitcoins and old coins to offset negative balance sheets.

According to a Bloomberg report on 23 January, the bankrupt crypto lending firm BlockFi will sell off $160 million in loans backed by approximately 68,000 Bitcoin mining equipment as part of its bankruptcy proceedings.

Key Points: According to Bloomberg News, citing two people familiar with the matter, the bankrupt encryption lender BlockFi is seeking to sell $160 million in loans, which are supported by about 68,000 Bitcoin mining machines. The bidding process began last year, with the deadline for submission of bids being January 24.

Crypto lender BlockFi — having filed for bankruptcy weeks after the collapse of FTX — is planning to sell around $160 million of Bitcoin (BTC) miner-backed loans, Bloomberg reported.

Amid troubles in the crypto markets for the better part of 2022, BlockFi has been among the most hit firms. BlockFi, amid filing for bankruptcy, has now filed a request to be allowed to pay incentives.

The bankrupt crypto mining lender BlockFi plans to sell loans linked to Bitcoin mining machine purchases.

The deadline for bidders to submit offers for the Bitcoin-machine-backed loans is set for Jan. 24.

Bankrupt cryptocurrency lender BlockFi Inc. plans to liquidate debts worth roughly $160M secured by about 68,000 Bitcoin mining equipment.