BitFuFu, a cloud mining company, has started a marketplace for discount coupons on the Antiminer branded rigs manufactured by Bitmain, the world's leading manufacturer of crypto mining machines.
Bitmain started issuing coupons for Antminers to loyal customers last year as sales slumped during the crypto market downturn. Many remain unused because miners are short on cash to spend on new equipment. Bankrupt companies including Celsius Network and Core Scientific (CORZ) have been trying to sell their coupons to raise funds that they can return to their creditors.
The platform opened Monday, BitFuFu, which is affiliated with the manufacturer, said in a statement shared with CoinDesk.
Ethan Vera, chief operating officer at mining services firm Luxor Technologies, estimates there are $50 million worth of coupons circulating in the market, and multiples of that will become available soon.
The coupons have value: Last week CleanSpark said it used some to lower the price of 20,000 machines by 26%.
BitFuFu has been planning to list on public markets via a special-purpose acquisition vehicle. It recently delayed its offering to May.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.