Cryptocurrency
World’s Top Crypto Miner May Be Losing Its Edge, Bernstein Says via @crypto
As reported by Bloomberg Crypto, “Bitmain Technologies Ltd., the designer of cryptocurrency mining chips that’s planning a landmark initial public offering, may be losing its technological edge, according to Sanford C. Bernstein & Co. “The Beijing-based company, co-founded by 32-year-old billionaire Jihan Wu, may need to write down the value of its inventory as makers […]
As reported by Bloomberg Crypto, “Bitmain Technologies Ltd., the designer of cryptocurrency mining chips that’s planning a landmark initial public offering, may be losing its technological edge, according to Sanford C. Bernstein & Co.
“The Beijing-based company, co-founded by 32-year-old billionaire Jihan Wu, may need to write down the value of its inventory as makers of rival mining gear catch up, analysts led by Mark Li at Bernstein wrote in a report dated Wednesday. Taiwan Semiconductor Manufacturing Co., which produces chips designed by Bitmain, should ask the company to make full prepayments and refrain from adding capacity solely for crypto-related demand, according to the Bernstein analysts.”