Bernstein: Crypto miner Bitmain may be losing its edge

Growing competition: A technician inspects bitcoin mining machines at a mining facility operated by Bitmain in Ordos, Inner Mongolia, China. The company is facing growing competition from players including Canaan Inc and Ebang International Holdings Inc. — Bloomberg

HONG KONG: 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.