Canada's largest green bitcoin mining company goes public via Nasdaq

BitFarms, Canada’s largest renewable energy-powered cryptocurrency mining company, has listed its shares on the New York Stock Exchange in the United States.

Cryptocurrency mining companies earn transaction fees on the native tokens of a particular network, such as Bitcoin, Ethereum, and Litecoin, for securing and processing transactions on the network.

Founded in 2017 as a bitcoin mining farm, BitFarms has since diversified its portfolio through partnerships and established five industrial mining sites in Quebec .

“We are proud to be a leader in our industry, setting the highest standards for ourselves and our mining operations, and to be listed on a globally renowned stock exchange.”

BitFarms will become the world's largest green cryptocurrency mining company. BitFarms claims to be the most environmentally friendly mining company in the Bitcoin network, using 99% of hydropower to power 1% of the Bitcoin network.

BitFarms said the listing is a significant achievement and a major milestone following years of growth and ambition for the company .

“When BitFarms begins trading on Nasqad, it will be the largest publicly traded bitcoin mining company in the U.S., with 99% of its energy use coming from renewable electricity such as hydropower .”

On Monday, the day after its listing on Nasqad, BitFarms fell 8% to $3.90 on its first day of trading. Other mining companies such as Marathon Digital Holdings and Riot Blockchain also fell. Meanwhile, BitFarms has been listed on the Toronto Stock Exchange for two years.

The plunge is linked to an ongoing crackdown on crypto mining companies in Asia, which has led to a massive sell-off in various cryptocurrencies, including Bitcoin, and a drop in the value of mining equipment .

Despite the bitcoin price crash, BitFarms said in mid-June that the global redistribution of bitcoin hash rate has so far been beneficial to the company .

“As the hash rate of Chinese miners decreases, BitFarms earns higher transaction fees and increases its share of the Bitcoin network’s total hash rate.”

As a result of the crackdown, BitFarms earned more Bitcoin for the same rates and operating costs.

Two months before the listing, BitFarms entered into a joint partnership agreement with Foundry Digital, a subsidiary of Digital Currency Group, which provides financing for mining equipment for Bitcoin and other cryptocurrencies and provides channels to equipment manufacturers.

The partnership facilitated the purchase of 2,465 Whatsminer M3OS bitcoin mining machines, which increased BitFarms’ operational hashrate by 133 PH/s.

More and more cryptocurrency-related companies are listed on Nasdaq, including Coinbase and GrayScale. Other top non-cryptocurrency companies have entered the crypto space through partnerships, investments, or side ventures , including Microsoft, Square, Paypal, Visa, Goldman Sachs, MicroStrategy, and Mastercard, and more and more listed companies are related to the crypto space .

The original text comes from zycrypto, compiled and edited by Blockchain Knight. The English copyright belongs to the original author. Please contact the translator for Chinese reprint.