Is BlockFi selling $160 million in bitcoin mining loans?

BlockFi is working on the sale of around $160 million in bitcoin mining loans. Some of those loans might be under-collateralized due to the price decline of machines. Crypto lender BlockFi is looking to sell $160 million in bitcoin mining machine-backed loans amid its bankruptcy process.

Is BlockFi going out of business?

BlockFi plans to sell $160 million in loans backed by approximately 68,000 Bitcoin mining machines. Since the bankruptcy crisis, BlockFi has been liquidating its loans to pay off over 100,000 creditors. Amidst bankruptcy proceedings, the firm is reportedly struggling to retain employees.

What is BlockFi (block)?

BlockFi prides itself on its quality range of services with a vision to ‘bridge the worlds of traditional finance and blockchain technology to bring financial empowerment to clients on a global scale.’ BlockFi allows users to buy, sell, and trade a range of digital assets.

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