Shares of mining company Bitfarms down 7% in first day of trading on Nasdaq

June 24, 2021

mining company Bitfarms

Bitfarms' shares started trading on the Nasdaq stock exchange on 21 June. Bitcoin plunged 8 per cent and its value fell 7.3 per cent.

The opening price on the Nasdaq for shares traded under the BITF ticker was $4.04. This was 4.5% below the closing level in over-the-counter trading the day before.

Having fluctuated between $3.9 and $4.1 during the session, they ended trading at $3.96 (-7.3%).

A rebound in the cryptocurrency market on 22 June allowed Bitfarms shares to gain 3.5%, to $4.1, and be above the initial price on Nasdaq.

cryptocurrency market

Bitfarms shares are also traded on the Toronto Stock Exchange.

In a June 10 production report, the company highlighted the positive impact of the Chinese authorities' campaign against local miners. Bitfarms has increased its hash rate and received higher transaction fees. With the same computing power and operating costs, the company was able to earn more coins.

Bitfarms CEO Emiliano Grodsky said in an interview with Decrypt that mining companies are "more reliable" than those that hold the first cryptocurrency on their balance sheet, regardless of market conditions.

"Even if bitcoin drops to $16,000, we will still make huge money. Our cost of production is $8,400," he said.

Bitfarms uses "over 99%" renewable hydroelectric power to mine bitcoin.

As a reminder, Foundry's vice president predicted that 90% of Chinese miners would shut down their equipment by the end of June.

In April, Bitfarms became a client of mining pool Foundry USA. As part of the deal, the latter will help the mining company purchase 2,465 Whatsminer M30S bitcoin mining devices.

Earlier Bitfarms announced the construction of a 210 MW cryptocurrency mining centre in Argentina.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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