One of the largest Canadian renewable energy-focused cryptocurrency mining firms BitFarms has been listed on the New York-based American stock exchange Market NASDAQ.
Cryptocurrency mining firms earn transaction fees in the native token of the specific network such as bitcoin, Ethereum, and Litecoin, for securing and processing transactions on the networks.
The firm started as a bitcoin mining farm in 2017 but has since diversified its portfolio through partnerships and established five industrial mining facilities in Quebec.
”We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be uplifting to one of the most prestigious stock exchanges in the world.”
Bitfarms to Become The Largest Green Crypto Mining Company
Bitfarms prides itself as the greenest mining company on the bitcoin network and uses 99% of its hydropower to power 1% of the network. The listing is an important achievement and a significant milestone that follows years of development and ambition, Bitfarms said.
“When Bitfarms begins trading on the Nasqad, it will be the largest publicly traded Bitcoin miner in Both America using greater than 99% hydroelectric renewable electricity.”.
After the Nasqad debut, Bitfarms slumped 8% to $3.9 on Monday during its first day of trading and other mining companies like Marathon Digital Holdings and Riot Blockchain. However, Bitfarms had been publicly trading on the Toronto Stock Exchange for two years.
The slump has been linked to the ongoing crackdown of crypto mining firms in China, which has led to major sell-offs of various cryptocurrencies, including bitcoin as well as a drop in the value of mining equipment.
Despite the price slump, Bitfarms said in Mid-June that the global redistribution of the Bitcoin hash rate has so far been benefiting the firm.
“As the hashrate of Chinese miners drops, Bitfarms has earned higher transaction fees and increased its shares of the total Bitcoin network hashrate.”
As a result of the crackdown, Bitfarms has been earning more Bitcoin using the same hashrate and costs of operations.
Bitfarms Expansion Plan with Foundry Partnership
The listing comes two months after Bitfarms entered into a joint partnership with Foundry Digital, a subsidiary of Digital Currency Group. Foundry provides financing for mining bitcoin and other cryptocurrencies mining equipment, as well offering access to equipment manufacturers.
The partnership has facilitated the purchase of 2,465 Whatsminer M3OS Bitcoin mining machines, which have collectively increased Bitfarms operating hashrate by 133PH/s.
The Nasdaq listing also adds to the growing number of companies with cryptocurrency companies with public listings, including Coinbase and Grayscale. Other top non-crypto currency firms with exposure to crypto through partnerships, investments, or side ventures, include Microsoft, Square, Paypal, Visa, Goldman Sachs, MicroStrategy, and Mastercard.