Bitfarms shares fall 7% on first day of Nasdaq trading

On June 21, Bitfarms began trading on the Nasdaq stock exchange. Against the backdrop of Bitcoin’s 8% drop, the stock price fell by 7.3%.

#NasdaqListed

🚀 $BITF #BTC #BITF #BitcoinMining #Blockchain #Nasdaq pic.twitter.com/fRLJK7jtMI

— Bitfarms (@Bitfarms_io) June 22, 2021

The opening price on Nasdaq for BITF shares was $4.04. This was 4.5% below the previous day’s OTC close.

Trading in a range of $3.90-$4.10 during the session, they finished at $3.96 (-7.3%).

Recovery in the cryptocurrency market on June 22 allowed Bitfarms’ shares to rise by 3.5%, to $4.10, and end above the initial Nasdaq price.

Bitfarms shares are also traded on the Toronto Stock Exchange.

In a June 10 production report, the company highlighted the positive impact of a campaign by Chinese authorities against local miners. Bitfarms increased its hashrate share and earned higher transaction fees. With the same computing power and operating costs, the company was able to mine more coins.

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

“Even if the price of Bitcoin falls to $16,000, we will still be earning huge money. Our cost of mining is $8,400,” he said.

Bitfarms uses more than 99% renewable hydroelectric energy for Bitcoin mining.

Earlier, the vice president of Foundry predicted that by the end of June 90% of Chinese miners would disconnect their equipment.

In April, Bitfarms became a client of the Foundry USA mining pool. Under the deal, the latter would help the mining company acquire 2,465 Whatsminer M30S devices for Bitcoin mining.

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

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