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BTC mining company offers Bitmain coupon with 85% discount.
Scientific Coreone of the biggest Bitcoins (BTC) mining companies in the United States, has filed an emergency motion seeking to sell $6.7 million worth of Bitmain coupons.
According to movement filed on January 25, coupons are basically worthless for Core Scientific as they “can only be used to pay 30% of each new order of S19 Miners from Bitmain and cannot be exchanged with Bitmain for cash.”
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Compared to the newer Bitmain model, The S19 model provides a lower hash rate output. In motion, Core Scientific claims just that don’t want to buy a new S19 Miner and don’t think that it is “the best use of Debtor cash”.
It should be noted that Bitmain coupons have another drawback, ie ends between March and April 2023when the company expects to complete its bankruptcy reorganization.
In filing, BTC mining the company claims that several companies are interested in purchasing coupons, including Bitmain.
Core Scientific will be selling Bitmain coupons at 85% off. Because of that, Core Scientific offers $1.9 million Bitmain coupons for $285,000 and $4.8 million coupons for $713,000.
Regarding Bitmain coupon pricing, Core Scientific states:
While the aggregate purchase price of approximately $1.0 million would represent a significant discount to the face value of the Bitmain Coupon of approximately $6.7 million, it would also represent significant value on top of the value of this Bitmain Coupon to Debtors and their property: zero.
At the end of December, Core Scientific filed for Chapter 11 bankruptcy protection in Texas. Nonetheless, the company continued to operate as normal while “reaching agreements with senior security letter holders”.
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