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BlockFi Sells Mining Machines and Physical Assets for $4.7 Million: What You Need to Know

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According to reports, the bankruptcy judge approved the sale of BlockFi\’s mining machines and other physical assets for $4.7 million. These assets were sold to a company called US

BlockFi Sells Mining Machines and Physical Assets for $4.7 Million: What You Need to Know

According to reports, the bankruptcy judge approved the sale of BlockFi’s mining machines and other physical assets for $4.7 million. These assets were sold to a company called US Farms.

BlockFi’s mining machines and other physical assets were sold to US Farmers for $4.7 million

Are you familiar with BlockFi? The New York-based fintech company that offers a lending platform for crypto asset-backed loans has recently sold its mining machines and other physical assets for a staggering $4.7 million. This article intends to provide you with all the necessary information regarding this sale and the company that made the purchase.

What is BlockFi?

BlockFi was founded in 2017 and offers its customers two primary services – lending and trading. With over $15 billion in assets under management, the company has made a name for itself in the crypto world, and investors have shown a great deal of interest in it.
BlockFi offers its customers the option to take out USD loans while using their cryptocurrency assets as collateral. The company also provides interest accounts, where customers can deposit various types of cryptocurrencies and earn interest on their holdings.

BlockFi’s Mining Machines and Physical Assets Sale

According to reports, BlockFi’s mining machines and other physical assets have been sold for $4.7 million to a company called US Farms. The bankruptcy judge approved the sale on 1 September 2021.
The sale was made to pay off the company’s investors that were involved in the promotion of an allegedly fraudulent cryptocurrency scheme called “BIA.” The scheme was promoted by BlockFi’s former employee, Renwick Haddow, who was later arrested by the FBI and pled guilty to the scam.

Who is US Farms?

US Farms is a California-based company that has recently entered the crypto mining space. The company plans to expand its operations in crypto mining and believes that this acquisition will enable it to do so.
According to the US Farms CEO, Yanay Katz, the acquisition of BlockFi’s mining machines and physical assets is the first step towards creating a vertically integrated cryptocurrency mining operation.

Conclusion

In conclusion, BlockFi’s sale of its mining machines and physical assets is a significant event in the crypto world. It is a step towards recovery for investors that were affected by the BIA scheme’s fraudulent activities.
The sales proceed will help pay off the investors, and the company can move forward with its mission to provide its customers with innovative financial products.

FAQs

1. Who is BlockFi?
BlockFi is a New York-based fintech company that offers a lending platform for crypto asset-backed loans.
2. What are BlockFi’s primary services?
BlockFi offers lending and trading services to its customers.
3. What is US Farms?
US Farms is a California-based company that has recently entered the crypto mining space. They have acquired BlockFi’s mining machines and physical assets for $4.7 million.

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