Bitmain Partner BitFuFu Starts Marketplace for Crypto Mining Rig Coupons

Mining
BitFuFu, a cloud mining firm, has began a market for low cost coupons on the Antiminer branded rigs manufactured by Bitmain, the world’s main producer of crypto mining machines.
Bitmain began issuing coupons for Antminers to loyal prospects final yr as gross sales slumped through the crypto market downturn. Many stay unused as miners are quick on money to spend on new tools. Bankrupt corporations like Celsius and Core Scientific (CORZ) have been making an attempt to promote their coupons to boost funds that they’ll return to their collectors.
The platform opened Monday, BitFuFu, which is affiliated to the producer, mentioned in an announcement shared with CoinDesk.
Ethan Vera, chief working officer at mining companies agency Luxor Applied sciences, estimates there are $50 million value of coupons circulating available in the market, and multiples of that can develop into obtainable quickly.
The coupons have worth: Final week CleanSpark mentioned it used some to decrease the worth of 20,000 machines by 26%.
BitFuFu has been planning to record on public markets by way of a special-purpose acquisition car. It just lately delayed its providing to Might.
Learn extra: Cloud Mining Agency BitFuFu to Delay SPAC IPO as Urge for food for Crypto Shares Languishes