• BlockFi, a bankrupt crypto lender, has been given the go-ahead to sell $4.7 million worth of mining rigs from the U.S. Bankruptcy Court in New Jersey.
• The majority of the 6,376 mining rigs sold are Bitmain Antminers spread across the U.S., with some also located in Norway.
• The company had filed for bankruptcy in November 2022 due to the ripple effects from the collapse of crypto exchange FTX.
BlockFi Approved for Sale of Mining Rigs
The U.S. Bankruptcy Court in New Jersey has approved the sale of nearly 6,400 mining rigs owned by BlockFi, a bankrupt crypto lender, for $4.7 million to U.S. Farms & Mining Opportunity Fund as part of its case proceedings.
Mining Rig Details
The majority of these mining rigs are Bitmain Antminers that are spread across various locations including Texas, Georgia, Kentucky and North Dakota; some are even located in Norway. About 400 machines were acquired through foreclosure by BlockFi prior to filing bankruptcy proceedings against them last November 2022 due to the ripple effects from the collapse of crypto exchange FTX at that time..
Background on BlockFi
In addition to financing bitcoin miners, BlockFi also had some self-mining operations which contributed greatly to their situation leading up to their request for bankruptcy protection last year..
Impact on Crypto Market
This sale could have a major impact on both BlockFi and the cryptocurrency market as it could provide much needed funds that can be used towards other projects or investments within this sector moving forward..
Overall, it is clear that this is an important development when it comes to understanding how blockchain technologies and cryptocurrencies may continue to evolve over time thanks to court rulings such as this one involving Blockfi’s sale of its mining rigs