• Insolvent Bitcoin mining company Core Scientific filed an emergency petition to try and sell $6.6 million in Bitmain coupons.
• The vouchers are only redeemable for the purchase of Bitmain’s S19 Miners in the amount of 30% off the total purchase price, and cannot be redeemed for cash at Bitmain.
• Core Scientific has been in talks with Bitmain and two prospective third parties interested in purchasing the vouchers at a steep discount.

Core Scientific, an insolvent Bitcoin mining company, recently filed an emergency petition aiming to sell $6.6 million in Bitmain coupons. The vouchers are only useable for the purchase of Bitmain’s S19 Miners, granting customers a 30% discount off the total purchase price. Unfortunately, the vouchers cannot be redeemed for cash at Bitmain. As a result, Core Scientific has been in negotiations with Bitmain as well as two other interested third parties to purchase the vouchers at a discounted price.

Core Scientific revealed that they do not consider leveraging their liquidity to acquire additional S19 Miners to be the best use of their resources. The company also stated that they won’t be making any more S19 miners purchases, in Chapter 11 or otherwise. The Bitmain coupons are set to expire in March or April of 2023 when Bitmain emerges from bankruptcy restructuring, so it is important for Core Scientific to sell them off as soon as possible.

Court documents showed that Bitmain coupons worth $1.9 million were sold for $285,000, while coupons worth $4.8 million were sold for around $713,000. These prices equate to 15% of the face value of the coupons. Core Scientific is hoping that the sale of their Bitmain coupons will help them to gain back some of their lost funds.

It remains to be seen what the outcome of this emergency petition will be, as well as how much Core Scientific will be able to make from the sale of their Bitmain coupons. In any case, Core Scientific is making a valiant effort to regain some of the funds that they have lost in the Bitcoin mining market.