{"id":545789,"date":"2023-01-31T09:01:41","date_gmt":"2023-01-31T06:01:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/blockfi-gets-court-nod-to-sell-crypto-mining-assets\/"},"modified":"2023-01-31T09:01:41","modified_gmt":"2023-01-31T06:01:41","slug":"blockfi-gets-court-nod-to-sell-crypto-mining-assets","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/blockfi-gets-court-nod-to-sell-crypto-mining-assets\/","title":{"rendered":"# BlockFi gets court nod to sell crypto mining assets"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348b06651f6\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348b06651f6\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/blockfi-gets-court-nod-to-sell-crypto-mining-assets\/#%E2%80%9D_BlockFi_gets_court_nod_to_sell_crypto_mining_assets_%E2%80%9C\" >&#8221; BlockFi gets court nod to sell crypto mining assets &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_BlockFi_gets_court_nod_to_sell_crypto_mining_assets_%E2%80%9C\"><\/span>&#8221; BlockFi gets court nod to sell crypto mining assets &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDEvNjk2ZDcxM2MtMmY5NS00ODA5LTlhY2UtYTBkZTliM2JiYThjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a4050f8>Bankrupt crypto lender BlockFi has been granted court <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roval to sell off its crypto mining equipment as part of ongoing efforts to\u00a0 repay its creditors.<\/p>\n<p>A court document<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/restructuring.ra.kroll.com\/blockfi\/Home-DownloadPDF?id1=MTQ0MTEyNA==&amp;id2=-1\"> filed<\/a> on Jan. 30 in the United States Bankruptcy Court for the District of New Jersey stated that the approval for BlockFi to sell its assets was on the grounds that it was \u201cfair, reasonable and appropriate under the circumstances.\u201d<\/p>\n<p>The court acknowledged the sale of the assets is \u201cdesigned\u201d to maximize the recovery and \u201crealizable value\u201d of the company.<\/p>\n<p>With the court giving BlockFi the green light, more bids are now expected to roll in for the crypto lender&#8217;s crypto mining assets.<\/p>\n<p>The document stated \u201call qualified bids\u201d must be sent to the parties specified in the bidding procedures by the Feb. 20 deadline.<\/p>\n<p>The bids must be filed with the court by Mar. 2 and the creditor&#8217;s representatives have until Mar. 16 to make objections to the sale of the assets to the qualified bidders.<\/p>\n<p>To participate in the bidding process, potential bidders must deliver a \u201cwritten proposal\u201d to each of the \u201cco-counsel to the debtors.\u201d<\/p>\n<p>The proposal must include the proposed purchase price as well as the specific assets the potential bidder is interested in acquiring and how they will finance the assets.<\/p>\n<p>According to a Jan. 31 Bloomberg<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-01-30\/blockfi-approved-to-set-up-auction-for-crypto-mining-business?leadSource=uverify%20wall\"> report<\/a>, BlockFi\u2019s tight deadline is an effort to get bids as quickly as possible to make the most of the current market conditions, which have seen most cryptocurrencies experience a price rally after months of sideways price action.<\/p>\n<p>The report noted BlockFi\u2019s lawyer, Francis Petrie, told the court the company has already received interest from bidders for various assets and expects more to come.<\/p>\n<p><strong><em>Related:<\/em><\/strong><strong><em> <\/em><\/strong><strong><em>Crypto Biz: A peek into BlockFi\u2019s secret financials (it\u2019s not pretty)<\/em><\/strong><\/p>\n<p>On Jan. 24 BlockFi was selling off $160 million in loans backed by approximately 68,000 Bitcoin (BTC) mining machines as part of bankruptcy proceedings.<\/p>\n<p>BlockFi started the process of selling off the loans last year with some having already defaulted given the crypto market conditions.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/blockfi-gets-court-nod-to-sell-crypto-mining-assets\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; BlockFi gets court nod to sell crypto mining assets &#8220; Bankrupt crypto lender BlockFi has been granted court approval to sell off its crypto mining equipment as part of ongoing efforts to\u00a0 repay its creditors. A court document filed on Jan. 30 in the United States Bankruptcy Court for the District of New Jersey&#8230;<\/p>\n","protected":false},"author":1,"featured_media":545790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/696d713c-2f95-4809-9ace-a0de9b3bba8c.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74863,75042,4978,117,71433],"class_list":["post-545789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-cryptocurrencies","tag-mining","tag-bankruptcy","tag-business","tag-court"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545789","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=545789"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/545789\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/545790"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=545789"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=545789"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=545789"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}