Short seller hits Riot Platforms, says US bitcoin miners are ' | Crypto Calendar News
Short seller hits Riot Platforms, says US bitcoin miners are 'competing in a global race they cannot win'
“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a 17-page report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.” Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.
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