Cryptocurrencies
Long Blockchain Backs Off Bitcoin Mining
- Company announces it won’t buy Bitcoin mining equipment
- Shares have tumbled since first spiking on name change
Bitcoin: What’s Coming in the Year Ahead
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Long Blockchain Corp. is taking a step back from crypto -- only about six weeks after it got into it.
The company formerly known as Long Island Iced Tea announced Friday that it will not be acquiring Bitcoin mining equipment that it was previously set to purchase. Instead of buying more than 1,000 mining rigs, it says it will focus on completing a merger with Stater Blockchain Ltd., a British firm that develops technology to power digital-currency transactions.