, Columnist
Bitcoin Stumble Shows Bitmain a Ghost of Crises Past
A cash crunch at customers could see things unravel quickly.
Cryptocurrency-mining rigs at a Bitfarms facility in Quebec.
Photographer: James MacDonald/BloombergThis article is for subscribers only.
A look at Bitmain Technologies Ltd.’s financials reveal the Chinese company sold a lot of shovels during the crypto gold rush of the past two years. Its mistake was to take digital gold as payment instead of cash.
But there are two other items that could make matters worse for Bitmain and others in the crypto-mining ecosystem, adding to pressure on the balance sheet.