- Bitmain is the major provider of cryptocurrency mining hardware.
- $50 million worth of coupons are already circulating, and more will be released.
Cloud mining firm BitFuFu has launched a voucher marketplace for Bitmain’s Antminer-branded rigs. Bitmain is the major provider of cryptocurrency mining hardware.
Sales of cryptocurrency mining hardware dropped last year, so Bitmain responded by offering discounts on its Antminers to loyal customers. However, many of them are still sitting idle because miners simply cannot afford to replace their outdated equipment.
$50M Worth Coupons Already Circulating
Coupon sales have been an attempt by bankrupt corporations like Celsius and Core Scientific (CORZ). In order to obtain money for repayment to creditors. According to Ethan Vera, COO of mining services company Luxor Technologies, $50 million worth of coupons are already circulating. And more will be released in the near future.
Moreover, discount coupons are useful. CleanSpark said this week that it had utilized some to bring the cost of 20,000 devices down by 26 percent. BitFuFu’s goal has always been to go public via a dedicated acquisition vehicle. Its IPO has been pushed out until May.
BitFuFu’s launched coupon trading function aims to provide a formal platform for global miner investors to interact, trade, and distribute ANTMINER coupons, allowing both established and novice investors to more easily access timely, relevant information about coupons and conduct more secure, hassle-free trades.
The coupon trading feature on BitFuFu’s official website is built on BitFuFu’s unique technology, making it a safe and transparent marketplace for buying and selling ANTMINER coupons and verifying their legitimacy. BitFuFu hopes that by forming a strategic agreement with BITMAIN, it will increase the volume of visitors to its platform and appeal to a wider range of investors.
