BlockFi Approved to Set up Auction for Crypto Mining Business
- BlockFi, Celsius among bankrupt firms selling mining equipment
- Interest in crypto mining recovered after power prices fell
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BlockFi Inc. won bankruptcy court approval to set up an auction for the crypto lender’s digital coin mining business.
The company wants to get bids in as quickly as possible to take advantage of current market conditions, BlockFi lawyer Francis Petrie said during a video court hearing Monday morning. The company has already gotten some initial bids for various assets and expects more, Petrie told US Bankruptcy Judge Michael Kaplan.