Bitfarms’ shares slump on Nasdaq debut amid crypto market pull-back

Jun 22, 2021 | CoinTelegraph News | 0 comments


Bitfarms’ debuting shares have been unable to escape the bearish crypto meta-trend, despite the firm claiming its profits have increased amid the recent drop in Bitcoin hash rate.

The highly anticipated Nasdaq debut of renewable energy-focused BTC mining firm, Bitfarms (BITF), saw the company’s stock fall by as much as 8.6% amid weakness in the broader crypto markets.

BITF opened at $4.04 and quickly climbed a couple of percent to tag a high of $4.11 before dropping as low as $3.90 as cryptocurrency prices tumbled. Bitfarm’s shares last traded hands for $3.96.

BITF/USD: Nasdaq

The share prices of publicly-listed Bitcoin mining firms have taken a beating over recent months.

Marathon Digital Holdings (MARA) is down roughly 51% from its early-April all-time high of $56.50 after its stock last changed hands for $27.83, while Hive Blockchain (HIVE) trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced at $31.57 after falling nearly 60% from its February peak of $77.90.

In addition to the heavy BTC sell-off that followed Bitcoin’s April all-time high, the poor performance of mining stocks has resulted from negative perceptions concerning the sector’s energy consumption, and reactions to China’s escalating crackdown on domestic miners.

However, Bitfarms claims to have benefited from the recent hash rate exodus from China amid the clampdown, with the Canada-based firm estimating 99% of its computation is powered by “green” hydroelectricity. In its June 10 production update, Bitfarms company stated:

“As the hashrate of Chinese miners falls, Bitfarms has earned higher transaction fees and increased its share of the total Bitcoin network hashrate. As a result, Bitfarms has been earning more Bitcoin for the same amount of computational power and operational cost.”

Related: Nvidia GPU prices in China fall amid crypto mining crackdown

Despite the heavy drawdowns recently observed in the price of mining stocks, Cointelegraph reported in March that the sector had outperformed the spot price of Bitcoin by 455% during the preceding 12 months.

News Source from

Related Articles

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

Number of Cryptocurrency ATM Locations Soars Past 24K Worldwide

The number of cryptocurrency ATMs has surpassed 24,000 globally. Out of 75 countries with crypto ATMs, the U.S. tops the list with the most locations. 24K+ Cryptocurrency ATMs Worldwide The number of cryptocurrency ATMs has exceeded 24,000 globally, according to the...

Here are the 12 biggest crypto hires thus far in 2021

Here are the 12 biggest crypto hires thus far in 2021

Quick Take There has been a big increase in the flow of talent from Wall Street to the crypto world. We take a look at the 12 biggest moves that have happened so far this year. This feature story is available to subscribers of The Block Daily. You can continue reading...

Crypto Companies Establish Presence, Hire Talent in Ireland

Crypto Companies Establish Presence, Hire Talent in Ireland

With a friendly attitude towards financial innovation, the Republic of Ireland has become a desired destination for fintech businesses that need unimpeded access to the common European market. Cryptocurrency companies have been opening offices in the EU member state...

Pin It on Pinterest

Share This