**Bitcoin Mining Firm Rhodium Gets Court Nod for Unique Loan Amid Bankruptcy**

Rhodium Enterprises, a Bitcoin mining company that recently filed for bankruptcy, has received court approval to secure a loan in either USD or Bitcoin. The firm can borrow $30 million or 500 Bitcoin from Galaxy Digital, led by Mike Novogratz. The USD loan carries a 14.5% annual interest, while the Bitcoin loan is cheaper at 9.5%.

- Rhodium can repay the Bitcoin loan in USD based on market prices at repayment time.

- This approval is unusual due to Bitcoin's price volatility.

- Rhodium filed for Chapter 11 bankruptcy on Aug. 24, revealing liabilities up to $100 million.

- The filing includes six subsidiaries and allows the company to reorganize its debts while continuing operations.

Bitcoin miners are under financial strain due to reduced rewards and mounting debts. Despite these challenges, some firms like Bitfarms are expanding, recently acquiring Stronghold Digital Mining for $125 million.