BlockFi, a bankrupt crypto lending platform, has received court approval to put its Bitcoin mining business up for auction due to favorable market conditions and high interest from potential bidders.
BlockFi’s assets to be sold include ASICs, which are computer hardware designed for cost-effective Bitcoin mining. Bids for BlockFi’s assets are due by Feb 20, and an auction will be held a week later.
Other companies, such as Blockstream and Grayscale, are capitalizing on the current market situation by expanding their mining and hosting services.
Despite uncertainty among analysts about Bitcoin’s recent gains, on-chain data shows that investors are taking profits while they can, which may add sell pressure to the market.