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According to court records, on January 25, defunct Bitcoin (BTC) mining business Core Scientific filed an emergency application where they requested authorization to sell Bitmain vouchers with a value of $6.6 million. Vouchers purchased from Core Scientific.
According to the petition, the coupons are subject to various restrictions, which render them useless for the purposes of Core Scientific activities. To be more precise, the coupon can be used to pay “only” 30% of each new S19 Miners order placed on Bitmain; however, they cannot be redeemed for cash via Bitmain.
Coupons can only be used for the Bitmain S19 model, which has a lower hash rate output compared to newer Bitmain models. “Even with the availability of Bitmain Coupons, Debtors do not believe that using their liquidity to buy new S19 Miners is the best use of Debtors’ money,” claims the company. “This is because the Debtor does not believe that using their liquidity to buy new S19 Miners is the best use of the Debtor’s money.” “The Debtors do not feel that using their liquidity to acquire additional S19 Miners is the best use of the Debtor’s funds,” which is short for “liquidity.”
In addition, Bitmain coupons will no longer be valid between March and April 2023, around the time that the company anticipates it will emerge from a Chapter 11 bankruptcy reorganization. Additionally, Core Scientific says that the company has no plans to acquire additional S19 miners either during or after the duration. Chapter 11.
In addition to the motion, the company has been in talks with Bitmain and two potential third parties who are interested in acquiring vouchers at a significant price reduction. Bitmain’s individual coupon sales totaled $1.9 million for $285,000 and coupon sales totaled $4.8 million for approximately $713,000 each representing approximately 15% of the face value of the coupons sold.
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