BlockFi has been approved to sell $4.7 million worth of mining machines and other physical assets

ChainCatcher news, the bankruptcy judge approved the sale of BlockFi's mining machines and other physical assets for $4.7 million. These assets were sold to a company named US Farms.

Related attorneys stated that the deal was reached after a "very competitive" auction process, which included five bids for the complete mining asset package and seven additional partial bids.

It is reported that BlockFi is one of the largest lenders in the Bitcoin mining sector, and the company intends to sell $160 million in mining loans. Many of these are secured by ASIC mining machines, and since the prices of ASIC machines have significantly dropped last year, these loans may now be under-collateralized. (source link)