The auction will be administered by the U.S. Marshals Service. Those interested in participating must register, providing a bidder registration form, a copy of their government-issued photo ID and $200,000 deposit sent by a wire transfer from a bank within the United States. Bidders must register by noon EDT on June 23. The auction will take place online on June 27 from 6 a.m. EDT to 6 p.m. EDT.
The bitcoins will be divided into 10 blocks -- nine "series A" blocks containing 3,000 bitcoins a piece and one block of around 2,600 bitcoins. Winning bidders will be notified about their success on June 30, then have until 5 p.m. EDT on July 1 to pay up or lose their deposit.