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 clients final yr as gross sales slumped throughout the crypto market downturn. Many stay unused as miners are quick on money to spend on new gear. Bankrupt corporations like Celsius and Core Scientific (CORZ) have been attempting to promote their coupons to lift funds that they will return to their collectors.

The platform opened Monday, BitFuFu, which is affiliated to the producer, stated in a press release shared with CoinDesk.

Ethan Vera, chief working officer at mining providers agency Luxor Applied sciences, estimates there are $50 million price of coupons circulating available in the market, and multiples of that can develop into accessible quickly.

The coupons have worth: Final week CleanSpark stated it used some to decrease the value of 20,000 machines by 26%.

BitFuFu has been planning to listing on public markets by way of a special-purpose acquisition car. It not too long ago delayed its providing to Could.

Learn extra: Cloud Mining Agency BitFuFu to Delay SPAC IPO as Urge for food for Crypto Shares Languishes