• BlockFi, a bankrupt crypto lender, has been given the go-ahead to sell $4.7M of its mining rigs.
• The approval came from the U.S. Bankruptcy Court in New Jersey, which is overseeing BlockFi’s case.
• The majority of the 6,376 mining rigs are Bitmain Antminers, spread across the US and Norway.
BlockFi Receives Go-Ahead for Sale of Mining Rigs
BlockFi, a bankrupt crypto lender, has been given the go-ahead to sell $4.7M of its mining rigs by the U.S. Bankruptcy Court in New Jersey that is overseeing BlockFi’s case. The majority of the 6,376 mining rigs are Bitmain Antminers that are spread across the US and Norway with 400 coming from foreclosure proceedings by BlockFi itself.
Background on BlockFI
BlockFi filed for bankruptcy in late November 2022 due to ripple effects from the collapse of crypto exchange FTX as well as their own self-mining operations which had been going on prior to filing for bankruptcy protection.
U.S Farms & Mining Opportunity Fund Purchases Mining Rigs
The federal bankruptcy court administering BlockFI approved a sale of nearly 6,400 mining rigs to U.S Farms & Mining Opportunity Fund after reviewing all necessary documents and filings on Friday; this purchase was valued at $4 million dollars total by both parties involved in this agreement – U.S Farms & Mining Opportunity Fund being one party and BlockFI being another party in this transaction agreement contractually binding them together financially through this purchase order made on Friday’s court hearing session approval date..
Financial Implications for Both Parties Involved
This sale will have financial implications for both parties involved; however it remains unknown what those financial implications will be until further review into each party’s financial statements can be conducted by an independent third party or forensic accountant who specializes in such matters as finances for businesses failing or undergoing restructuring process measurements needed taken before liquidation can begin officially taking place when needed be required or requested due to certain circumstances depending upon situation(s).
In conclusion it appears that this sale between these two parties may benefit each other financially while providing much needed capital that they may need during these times especially during pandemics like Covid-19 where money seems tight more now than ever before with so many people out there struggling desperately trying make ends meet right now during such unprecedented times never seen before until just recently over past year plus since Covid first hit world hard back end 2020 beginning 2021 nonstop since then unfortunately still wreaking havoc upon our daily lives currently worldwide even today still sadly enough unfortunately not looking likely ending anytime soon either unfortunately either still continuing raging strong full force ahead unfortunately currently too yet still though hopefully changing eventually soon someday too though here’s hoping it does soon change soon anyway again here’s hoping it does indeed sooner than later finally thankfully again too!