Auction of ~38k S19s from Iris Energy's loan defaults
Court documents reveal miner financing disputes between NYDIG and Iris Energy
If the Supreme Court of British Columbia approves an auction proposal in a hearing that is set for later this week, about 37,800 units of the AntMiner S19 series could hit the hardware market soon.
The machines come from the miner financing loans from when Iris Energy (NASDAQ: IREN) defaulted on its lending partner NYDIG in November, resulting in the collateralized equipment sitting idle for months after IREN unplugged them from sites in British Columbia, Canada.
Per the proposed schedule by the appointed receiver and manager of the collateral assets, PricewaterhouseCoopers, the auction process could start as soon as late June and will complete by early September. If the court allows it, the bidding procedure will be facilitated by Foundry Digital.
Auction proposal aside, the default of the loans also led to a dispute between NYDIG and IREN. At the core of the dispute are the bitcoin collateral and proceeds derived from the financed equipment. For more details, TheMinerMag has published a recap of the case based on court materials, which offer a rare look into the workings of the parties involved.
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