Bitcoin mining company Bitfarms to start trading shares on Nasdaq

Bitfarms, a Toronto-based bitcoin mining group, recently announced it will start trading at Nasdaq on June 21 under the symbol “BITF.”

According to a Twitter thread from the company, common shares of the company have secured DTC eligibility and will retain listing on the TSX Venture Exchange.

Chief Executive Officer Emiliano Grodzki said, “Listing on Nasdaq is an important achievement for Bitfarms and is a significant milestone following multiple years of development and achievement by the company.”

He also added, four years ago, they started the business with a “clear belief in the institutional adoption of bitcoin and bitcoin mining.”

Bitfarm’s milestone following Nasdaq move

Its Nasdaq listing will make Bitfarms the largest publicly-traded bitcoin miner in North America that leverages nearly 100% hydroelectric, renewable energy.

Bitfarms is also set to join a short list of bitcoin mining companies that are available on Nasdaq which includes Marathon Digital Holdings and Riot Blockchain.

Meanwhile, the company’s reliance on renewable energy source is a clear example of how bitcoin mining can become an efficient method of converting energy into value. More often than not, concerns about energy consumption of the industry have existed for years and have been the subject of numerous debates lately, as the issue seems to have been reignited.

Bitfarm pushes for growth

Back in 2019, the crypto mining business expanded its operations in Quebec. Earlier this year, it joined the Foundry USA Pool – a move that boosted its operating hashrate by 15%.

“We are proud to be a leader in the industry in setting the highest standards for ourselves and our mining operations and to be up-listing on one of the most prestigious stock exchanges in the world,” Grodzki said.

The CEO also said they are excited to see where this new milestone will take their company next.

 

Image courtesy of Cointelegraph News/YouTube

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