BlockFi Inc. won bankruptcy court approval to set up an auction for the crypto lender’s digital coin mining business, Reuters reported. The company wants to get bids in as quickly as possible to take advantage of current market conditions, BlockFi lawyer Francis Petrie said during a video court hearing Monday morning. The company has already gotten some initial bids for various assets and expects more, Petrie told U.S. Bankruptcy Judge Michael Kaplan. “We’ve received substantial interest in the market for bidding purposes and current volatility in the cryptocurrency market, which means we need to act quickly,” Petrie said. BlockFi is selling computer equipment used for mining digital coins at a time when the crypto mining business is on the upswing. Last week, another bankrupt crypto platform, Celsius Network, said it’s aiming to sell tens of thousands of mining machines. Bids for the mining assets are due Feb. 20 and an auction will be held about one week later, Petrie said. The company will return to court in March for approval of any proposed deal that comes out of the auction.
