BlockFi, the bankrupt crypto lending platform, has received court approval to auction its Bitcoin mining business.
The company has received bids for its assets and is expected to receive more due to favorable market conditions.
BlockFi’s assets include ASICs (mining computer hardware) and the bids for these assets are due by Feb 20, with an auction to be held a week later.
Bitcoin’s recent rise in price has brought Bitcoin miners back into the profit zone, making BlockFi’s ASICs more attractive to buyers.
BlockFi filed for bankruptcy in November after the collapse of FTX and Alameda Research to which it had over $1.2 billion in exposure.
Some firms are capitalizing on the situation, buying cheap mining machines, such as Blockstream which raised $125 million for its mining and hosting services.
Meanwhile, analysts are divided on whether Bitcoin’s recent gains are the start of another bull market.