{"id":72979,"date":"2023-01-24T14:01:08","date_gmt":"2023-01-24T12:01:08","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72979"},"modified":"2025-09-09T11:33:09","modified_gmt":"2025-09-09T08:33:09","slug":"bloomberg-blockfi-sells-asic-miner-backed-loans-worth-160-million","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bloomberg-blockfi-sells-asic-miner-backed-loans-worth-160-million\/","title":{"rendered":"Bloomberg: BlockFi sells ASIC-miner-backed loans worth $160 million"},"content":{"rendered":"

BlockFi, currently undergoing bankruptcy proceedings<\/a>, a crypto-lending platform, is attempting to sell collateralized loans backed by around 68,000 bitcoin miners, worth about $160 million. Bloomberg reports, citing its own sources.<\/p>\n

The auctions were opened last year, sources said. Some loans have already defaulted. Based on current market prices for mining equipment, collateral for some of the loans is insufficient.<\/p>\n

The average price of an ASIC miner loan at BlockFi is about $2,350. According to Hashrate Index<\/a>, the price of a latest-generation device on the current market is around $14 per TH\/s. This means that the popular Antminer S19j is worth roughly $1,400.<\/p>\n

\"Bloomberg:
Data: Hashrate Index.<\/figcaption><\/figure>\n

During the 2021 bull run, miners borrowed aggressively, pledging equipment as collateral. Earlier, the total debt of industry players on such loans was estimated at $4 billion<\/a>. In addition to BlockFi, loans were issued by NYDIG, Celsius Network, Foundry, Babel Finance and Galaxy Digital.<\/p>\n

The latest step in a $65 million deal<\/a> to acquire Argo Blockchain’s flagship data centre refinanced the mining company’s debt.<\/p>\n

In January, Bitfarms said it could default on the remaining $20 million<\/a> loan from BlockFi if it could not secure more favorable repayment terms.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The bankrupt crypto-lending platform BlockFi is attempting to sell collateralized loans backed by around 68,000 bitcoin miners, worth about $160 million, Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":72980,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436,1097],"class_list":["post-72979","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi","tag-lending"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72979","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72979"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72979\/revisions"}],"predecessor-version":[{"id":72981,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72979\/revisions\/72981"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72980"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}