BlockFi Authorized to Sell 6,376 Mining Rigs for $4.7 Million

According to legal documents, the federal bankruptcy court overseeing BlockFi's case has authorized the sale of nearly 6,376 mining rigs to U.S. Farms & Mining Opportunity Fund for $4.7 million.

BlockFi had filed for bankruptcy in the U.S. Bankruptcy Court for the District of New Jersey in late November 2022 due in part to the fallout from FTX's collapse.

Besides funding bitcoin miners, BlockFi was also involved in some self-mining activities.

As per a previous filing, the majority of the 6,376 mining rigs sold to U.S. Farms & Mining are Bitmain Antminers.

These machines are located in several U.S. states such as Texas, Georgia, Kentucky, and North Dakota, as well as in Norway.

Around 400 of these mining rigs were taken over by BlockFi through foreclosure.