Ex-ice tea maker Long Blockchain backs off bitcoin mining as cryptocurrency falls

The company formerly known as Long Island Ice 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.
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The move is the latest change of direction for the company that came to epitomize the zaniness of the microcap rush to rebrand to cash in on the crypto craze. Long Blockchain almost quadrupled when it changed its name on Dec. 21, just three days