Bloomberg: BlockFi is selling a total of $160 million in Bitcoin mining loans

ChainCatcher news, the crypto lending platform BlockFi aims to sell $160 million in Bitcoin mining-backed loans as part of its bankruptcy proceedings, which are supported by approximately 68,000 Bitcoin mining machines. Anonymous sources told Bloomberg that the bidding began last year, and due to the decline in Bitcoin prices and soaring electricity costs squeezing mining profits, the prices of mining machines fell by over 80% last year, leading to potential under-collateralization of some loans. Additionally, the deadline for bidders to submit their offers is January 24. (Bloomberg)