Kerrisdale Capital, a US investment firm, has launched a fierce attack on Bitcoin mining, criticizing the business model of the leading Bitcoin miner in the country. The firm described the industry as being full of “snake oil salesmen” who are burning through investor capital and harming the environment. Kerrisdale Capital specifically targeted RIOT Blockchain, a publicly traded Bitcoin mining company, for its unsustainable business practices.
Despite the backlash from Kerrisdale Capital, the Bitcoin mining community has defended its practices, highlighting the financial opportunities and environmental benefits of the industry. Figures within the industry, such as Daniel Batten of Marathon and Adam O of Upstream Data, have dismissed concerns about environmental impact and emphasized the potential for renewable energy integration in Bitcoin mining operations.
In response to Kerrisdale Capital’s criticisms, investor Simon Dixon emphasized the positive impact of Bitcoin mining on economies, job creation, and green energy initiatives. Mark Harvey, a Bitcoin educator, suggested a simple solution of buying and holding Bitcoin as a way to support the industry.
While Kerrisdale Capital is shorting RIOT Blockchain, it expressed a positive outlook on Bitcoin itself and praised the newly launched Bitcoin ETFs, which have attracted significant investment in a short period of time. Despite the ongoing debate surrounding Bitcoin mining, the cryptocurrency is currently trading at $70,700, experiencing a 3.5% surge in value in the past 24 hours.
For those interested in learning more about Bitcoin, resources such as a Buy Bitcoin Guide, Bitcoin Wallet Tutorial, and 24-hour Bitcoin Price Check are recommended. Stay updated on the latest Bitcoin news to better understand the complexities of this evolving industry.