Core Scientific submits petition to sell over $6M in Bitmain vouchers – Cryptopolitan
, 2023-01-28 17:50:58,
According to some recent court documents, on January 25 the defunct Bitcoin mining company Core Scientific filed an emergency application asking for permission to sell Bitmain vouchers with a total value of $6.6 million.
As stated in the petition, there are various restrictions that have been attached to the coupons that render them worthless for the operations of Core Scientific.
To be more specific, the coupons may only be used to pay 30% of any new order of S19 Miners placed with Bitmain. They cannot be traded in for cash with Bitmain under any circumstances.
Core Scientific says crypto winter affected the miners
According to the filing, the crypto winter was responsible for a surge in the number of S19 Miners that were placed up for sale on the secondary market, which led to a decline in pricing.
As a consequence of this, recent transactions on the Coupon Exchange using S19 Miner coupons have taken place at prices ranging from 15% to 25% of the coupon’s face value.
As for the coupons, they can only be used for S19 devices, which have a lower hash rate output compared to more current models produced by Bitmain.
The firm made the assertion that the Debtors do not think that using their liquidity to acquire additional S19 Miners is the best use of the Debtors’ funds, even with the availability of the Bitmain Coupons.
In addition, the Bitmain coupons will no longer be valid between March and April of 2023, which is about when the business thinks that it will have…
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