According to Bloomberg, Kerrisdale Capital Management LLC said that Bitcoin mining is a difficult business, so cryptocurrency enthusiasts should buy tokens rather than miner stocks. This is part of the company's betting strategy across the industry, and its latest short target is Castle Rock's stock. Kerrisdale founder Adrangi said on the phone: "All Bitcoin miners are shorted, and the entire business model doesn't make sense, especially at the current valuation. Cryptocurrency mining is a commodity business. If you have access to computers and energy, the barrier to entry is almost zero." The report pointed out that as new mining projects emerge around the world, American miners will face global competition, "This situation will only continue to intensify."
