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US auctions another $11 million in bitcoins

U.S. Marshals are selling 50,000 bitcoins that once belonged to Ross William Ulbricht, the man charged with being the pseudonymous founder of the online black market site, Silk Road.

At the current rate of approximately $230 per bitcoin, the total amount would be worth nearly $11 million.

Marshals had previously auctioned 30,000 bitcoins belonging to Ulbricht last June. This sealed bid auction will include two separate series with bitcoin blocks of 2,000 and 3,000.

Read More US to auction 30,000 bitcoins from 'Silk Road'

Earlier this month the 30-year old Ulbricht was found guilty of being the "digital kingpin of an illegal online drug dealing empire," according to Prosecutor Timothy Howard.

The auction date is set for March 5. Interested parties much register with the U.S. Marshal Service by March 2 in order to participate.

AP contributed to this story.