{"id":16685,"date":"2023-01-24T09:21:07","date_gmt":"2023-01-24T09:21:07","guid":{"rendered":"https:\/\/coingrafter.com\/index.php\/2023\/01\/24\/bankrupt-blockfi-plans-to-sell-160m-bitcoin-mining-hardware-loans\/"},"modified":"2023-01-24T09:21:07","modified_gmt":"2023-01-24T09:21:07","slug":"bankrupt-blockfi-plans-to-sell-160m-bitcoin-mining-hardware-loans","status":"publish","type":"post","link":"https:\/\/coingrafter.com\/index.php\/2023\/01\/24\/bankrupt-blockfi-plans-to-sell-160m-bitcoin-mining-hardware-loans\/","title":{"rendered":"Bankrupt BlockFi plans to sell $160M Bitcoin mining hardware loans"},"content":{"rendered":"<p> [ad_1]<br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674547238094-dd91cb76-60e3-4a2f-8a42-764700e95042-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674547238094-dd91cb76-60e3-4a2f-8a42-764700e95042-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674547238094-dd91cb76-60e3-4a2f-8a42-764700e95042-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1674547238094-dd91cb76-60e3-4a2f-8a42-764700e95042-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/1970\/01\/1674547238094-dd91cb76-60e3-4a2f-8a42-764700e95042.jpg\" alt=\"\" width=\"100%\" height=\"100%\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>BlockFi filed for Chapter 11 chapter in November 2022 citing publicity to the simply collapsed FTX.<\/li>\n<li>The plan to sell off the loans backed by Bitcoin mining machines is a part of the chapter proceedings.<\/li>\n<li>Bidders have till earlier than the top of January to submit provides.<\/li>\n<\/ul>\n<p>About two months after <a href=\"https:\/\/coinjournal.net\/news\/blockfi-is-bankrupt-where-did-it-all-go-wrong\/\">BlockFi filed for Chapter 11 bankruptcy<\/a>, the crypto lender now plans to sell off $160 million in loans backed by Bitcoin mining hardware as a part of the chapter authorized proceedings. In complete, the loans are backed by about 68,000 Bitcoin mining machines<\/p>\n<p>Although BlockFi cited FTX\u2019s publicity as the primary purpose for its chapter, the crypto lender had introduced <a href=\"https:\/\/coinjournal.net\/news\/crypto-news-blockfi-cuts-headcount-by-20-amid-price-meltdown\/\">cutting its workforce by 20%<\/a> in June 2022 citing the crypto costs meltdown. The layoff announcement got here days after studies emerged that the lender was <a href=\"https:\/\/coinjournal.net\/news\/blockfi-looking-to-raise-another-funding-at-5-bn-valuation\/\">in talks to raise funding at a $5 billion valuation<\/a>.<\/p>\n<h2>Bidders have till January 24 to ship provides<\/h2>\n<p>According to <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-23\/bankrupt-lender-blockfi-to-sell-bitcoin-mining-backed-loans?leadSource=uverify%20wall\">reports from Bloomberg<\/a>, BlockFi began the method of promoting off the Bitcoin mining hardware-backed loans final 12 months. It is believed among the stated loans have already defaulted since then and are candidates for under-collateralization following the drastic decline within the costs of Bitcoin mining hardware.<\/p>\n<p>In an interview with one standard media outlet, crypto lawyer Harrison Dell who&#8217;s a director at Australian regulation agency Cadena Legal stated that the loans are usually not price their paper worth to BlockFi if the Bitcoin mining tools used as collateral is price lower than the worth of the loans.<\/p>\n<p>According to Harrison Dell, the individuals bidding for the loans are probably debt assortment companies saying that promoting the money owed is all that BlockFi can do in the mean time.<\/p>\n<p>It is believed that BlockFi\u2019s try to sell off its loans is probably going part of the lender\u2019s efforts to repay its collectors who&#8217;re about 100,000 in complete.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this text<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p>[ad_2]<br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/bankrupt-blockfi-plans-to-sell-160m-bitcoin-mining-hardware-loans\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>[ad_1] BlockFi filed for Chapter 11 chapter in November 2022 citing publicity to the simply collapsed FTX. The plan to sell off the loans backed by Bitcoin mining machines is a part of the chapter proceedings. Bidders have till earlier than the top of January to submit provides. About two months after BlockFi filed for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":16687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"","ocean_second_sidebar":"","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"default","ocean_header_style":"","ocean_center_header_left_menu":"","ocean_custom_header_template":"","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"","ocean_menu_typo_font_family":"","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"","ocean_post_subheading":"","ocean_post_title_style":"","ocean_post_title_background_color":"","ocean_post_title_background":0,"ocean_post_title_bg_image_position":"","ocean_post_title_bg_image_attachment":"","ocean_post_title_bg_image_repeat":"","ocean_post_title_bg_image_size":"","ocean_post_title_height":0,"ocean_post_title_bg_overlay":0.5,"ocean_post_title_bg_overlay_color":"","ocean_disable_breadcrumbs":"default","ocean_breadcrumbs_color":"","ocean_breadcrumbs_separator_color":"","ocean_breadcrumbs_links_color":"","ocean_breadcrumbs_links_hover_color":"","ocean_display_footer_widgets":"default","ocean_display_footer_bottom":"default","ocean_custom_footer_template":"","ocean_post_oembed":"","ocean_post_self_hosted_media":"","ocean_post_video_embed":"","ocean_link_format":"","ocean_link_format_target":"self","ocean_quote_format":"","ocean_quote_format_link":"post","ocean_gallery_link_images":"on","ocean_gallery_id":[],"footnotes":""},"categories":[3],"tags":[5872,5222,20,1102,3360,388,442,331,153],"class_list":["post-16685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-160m","tag-bankrupt","tag-bitcoin","tag-blockfi","tag-hardware","tag-loans","tag-mining","tag-plans","tag-sell","entry","has-media","owp-thumbs-layout-horizontal","owp-btn-normal","owp-tabs-layout-horizontal","has-no-thumbnails","has-product-nav"],"_links":{"self":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/16685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/comments?post=16685"}],"version-history":[{"count":1,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/16685\/revisions"}],"predecessor-version":[{"id":16686,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/posts\/16685\/revisions\/16686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media\/16687"}],"wp:attachment":[{"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/media?parent=16685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coingrafter.com\/index.php\/wp-json\/wp\/v2\/categories?post=16685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coingrafter.com\/index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