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Bankrupt Crypto Lender BlockFi Given Go-Ahead for Sale of $4.7M of Mining Rigs
The approval came from the U.S. Bankruptcy Court in New Jersey, which is overseeing BlockFi's case.
Updated May 9, 2023, 4:11 a.m. Published Mar 24, 2023, 5:39 p.m.
The federal bankruptcy court administering the case of BlockFi has approved the sale of nearly 6,400 mining rigs for $4.7 million to U.S. Farms & Mining Opportunity Fund, according to court documents filed on Friday.
BlockFi filed for bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey in late November 2022, in part because of the ripple effects from the collapse of crypto exchange FTX. In addition to financing bitcoin miners, BlockFi also had some self-mining operations.
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The majority of the 6,376 mining rigs BlockFi sold to U.S. Farms & Mining are Bitmain Antminers, according to a previous filing. They are spread across the U.S. in Texas, Georgia, Kentucky and North Dakota, although the company also has some in Norway. About 400 of the machines had come into BlockFi's possession through foreclosure.
Read more: BlockFi Has Cash Access for Staff, Vendors Despite SVB Collapse: Attorney
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