Short seller hits Riot Platforms, says US bitcoin miners are 'competing in a global race they cannot win'

Riot Platforms' stock is falling in Wednesday’s session after a short seller released a new report on the company and the entire U.S. bitcoin mining industry.

“Riot is a fundamentally poor way for investors to express a view on bitcoin and over the long-term shares have a much greater chance of being diluted into dust than outpacing gains from the new digital gold,” they wrote. China-based Bitmain and MicroBT produce about 90% of the ASICs used to mine bitcoin. An ASIC miner is a device that uses ASICs for the sole purpose of mining digital currency.

Bitcoin halvings are programmed to occur automatically roughly every four years. After a halving event, miners receive 50% fewer bitcoins as a subsidy reward for every block of transactions they mine and add to the blockchain. They continue to earn additional transaction fee rewards for each block mined.

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