Kerrisdale Capital, an investment management firm, has launched a scathing attack on the Bitcoin mining industry in the United States, branding it a haven for “snake oil salesmen” that devour investor capital and harm the environment.
Investment Firm Attacks Bitcoin, Claims Mining Model Flawed
In a post on X, the management firm announced that it had started its war on the burgeoning industry by drafting two letters to Texas authorities.
One is addressed to the Navarro City Commission, where Riot Blockchain has set up its base. Another letter was sent to the Texas state senators.
The investment firm is urging them to crack down on Bitcoin mining in the state, comparing it to the fraudulent Chinese schemes exposed a decade ago.
What stands out is that their fight will be centered on Bitcoin mining operations in Texas. Considering its low energy costs, the state is a major hub for Bitcoin mining in the United States.
If anything, their opposition to Bitcoin mining ha
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