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.

“Bitcoin mining is easily among the worst business models for a public company we have ever encountered,” Kerrisdale Capital analysts wrote in a short report this morning. “[U]npredictable revenue, capital intensive, extremely competitive, a pure commodity product, and lately drawing intense regulatory scrutiny even in crypto-friendly places like Texas where Riot has 100% of its bitcoin production.”

Bitcoin exchange-traded funds and products and BTC itself are better investments, according to Kerrisdale. The firm is holding bitcoin as a hedge against its RIOT short position.

“Riot is a fundamentally poor way for investors to …