Some of those loans might be under-collateralized due to the price decline of machines.
Crypto lender BlockFi is looking to sell $160 million in bitcoin mining machine-backed loans amid its bankruptcy process.
The bidding started last year and some of the loans may be under-collateralized due to the decline in machine prices, unnamed sources toldThe price of mining rigs fell more than 80% over the course of last year as the decline in bitcoin prices and the spike in power costs squeezed mining margins. BlockFi was a major lender in the mining sector, although mining only accounts for a minority of the firm's business, as its Chief Risk Officer Yuri MushkinMiners have been struggling with the biggest player, Core Scientific,
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