Bankrupt crypto lender BlockFi is seeking to sell $160 million in loans backed by about 68,000 bitcoin mining machines, according to two people familiar with the matter.

People familiar with the matter said the bidding process began last year and the deadline for submitting bids was January 24. People familiar with the matter said some of the loans have defaulted. Some loans may be undercollateralized given the decline in mining machine prices. Mining machine prices fell by more than 80% in the past year as the decline in Bitcoin and soaring electricity costs squeezed mining profits. (The Block)