RATE Group | Bitcoin’s Biggest Name Forgot a Rule for Selling Shovels
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Bitcoin’s Biggest Name Forgot a Rule for Selling Shovels

17 Sep Bitcoin’s Biggest Name Forgot a Rule for Selling Shovels

Posted at 23:39h in Bitcoin News by

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By Tim Culpan | Bloomberg

We all know the sage advice that in a gold rush the best thing to do is sell shovels.

My caveat would be to ensure you’re paid in cash. And just to be clear for the modern world, this does not mean getting paid in Bitcoin Cash.

Yes, I am looking at you, Bitmain Technologies Ltd.

The Chinese company is reported to be the world’s largest maker of cryptocurrency mining rigs. It also makes specialized crypto-mining chips, and controls close to half of the world’s Bitcoin mining power. In gold rush terms, it designs and makes the shovels, sells those shovels, and runs half the mines that use the shovels.

Bitmain is steaming toward an IPO amid a plunge in the price of cryptocurrencies. Various leaks of its financials have made it into the wild, shining a spotlight on its business model.

The first appears to come from Samson Mow, chief strategy officer of Blockstream Corp., who tweeted a screenshot in…

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