Investment firm Kerrisdale Capital has declared war on Bitcoin miners, labeling them as "snake oil salesmen". The company's latest report suggests that Riot Platforms, a Bitcoin mining firm, is headed for a collapse. Kerrisdale's CEO, Sahm Adrangi, criticizes the industry's business model, stating that companies dilute their shares to invest in their unprofitable businesses. In response, Riot Platforms refutes these claims, stating that their ambitious growth plans will prove Kerrisdale wrong. Meanwhile, industry insider William Foxley believes that Bitcoin mining in the US is bullish and that it's a bad time to short Bitcoin mining.