Bankrupt U.S. Bitcoin mining company Core Scientific has approached the court with a filing permitting it to sell its Bitmain coupons. Core Scientific filed at the United States bankruptcy court for the southern district of Texas Houston Division, seeking to dispose of the coupons that have become of no use to the company.
Core Scientific holds $6 million worth of Bitmain coupons under tight conditions. The vouchers are product-specific and cannot exchange for cash with Bitmain. Coupon holders can only use them to purchase S19 miners from Bitmain.
Some of these conditions make the coupons useless for Core Scientific, considering its current status. The requirements also include that the vouchers can only fund 30% of the total payment for the S19 miners purchased from Bitmain.
S19 miners are older and do not perform as well as the recent versions during mining operations. Many miners closed operations and flooded the market with second-hand S19 miners. Demand for this category of miners also dropped significantly because of the bear market and the clampdown on Bitcoin miners in China.
Core Scientific’s situation b …
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Source: Cryptocurrency - investing.com
