Blockfi receives the approval of arranging mining companies
Blockfi receives the approval of arranging mining companies
The Bankrotte crypto credit platform Blockfi received the judicial approval of offering its Bitcoin mining business for auction.
The company plans to sell its devices as soon as possible in order to benefit from the currently favorable market conditions.
sell as long as you can
The lawyer of Blockfi, Francis Petrie, told US bankruptcy judge Michael Kaplan on Monday that the company had already received offers for many of his assets and expected further BNN Bloomberg . This happens a week after the company has agreed sell $ 160 million on loans that are secured by its Bitcoin mining hardware-some of which have already been
"We have a considerable interest in the market for tender purposes and the current volatility on the cryptocurrency market, which means that we have to act quickly," said Petrie. Bitcoin's price rose from less than $ 17,000 in January, which, according to Glassnode, brought the average Bitcoin miner back into the profit zone
The sales assets from Blockfi include its ASICS computer hardware, which was specially developed for the cost-effective breakdown of Bitcoin. Celsius-a competing crypto loan who went bankrupt last summer-also sold his mining equipment as part of his restructuring process and is planning the sale of tens of thousands of additional machines. Commandments for the assets of blockfi are due until February 20. A week later there is an auction at which Blockfi returns to court in March to check all proposed business. The ASIC prices crashed together with the price of Bitcoin last year, since the yield of such machines correlated directly with the value of the coins they produced. Like Bitcoin, Asics were often used as security for loans to buy even more equipment, which a susceptible setup for cascading liquidations created when the market relaxed. Core Scientific-One of the largest Bitcoin mining companies of North America- announced Plant at the beginning of this month, at the beginning of this month. whose energy costs were partially subsidized by Celsius. The miner places something to blame on Celsius for his own bankruptcy in December. Blockfi announced insolvency shortly after the collapse of FTX and Alameda Research in November, where the lender had cumulative exposure . While numerous other large miners-including Iris Energy and Argo Blockchain-have to struggle under the circumstances, other companies have decided to make capital while mining machines are cheap. The Bitcoin technology company Blockstream announced A $ 125 million in the past week, which is expanded to expand its mining and hosting services is dedicated. Grayscale also terminated a mining fund to partnership with Foundry last October, deliberately released during a so-called "shakeout" phase for the mining industry to get cost-effective equipment. analysts are still a bit torn whether the January winnings from Bitcoin are a deceptive "bull trap" or whether they mark the beginning of another Bitcoin bull market. In the middle of the confusion, on-chain data shows that investors who were once under water take profits with them as long as they can increase sales pressure. . from the collapse to capitalize