BlockFi Sells $160M in Loans Backed by Crypto Miners

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According to Bloomberg, crypto lending platform BlockFi, which has recently filed for bankruptcy, is trying to sell about $160 million in loans secured by about 68,000 Bitcoin miners.

The publication has reported that the firm opened trading last year. Some loans have already been defaulted. Some of the loans have insufficient collateral based on the market prices for cryptocurrency mining equipment.

BlockFi’s average credit ASIC miner price is $2,350. According to the Hashrate Index, the cost of the latest generation devices in the current market is about $14 per TH/s, meaning that the Antminer S19j has a price of about $1,400.

Miners have been actively lending against the security of purchased equipment against the backdrop of the bullish rally in 2021.

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