BitFarms, Canada's largest cryptocurrency mining company powered by renewable energy, has been listed on the New York Stock Exchange in the United States.
Cryptocurrency mining companies earn transaction fees in local tokens (such as Bitcoin, Ethereum, and Litecoin) on specific networks to protect and process transactions on the network.
BitFarms was founded in 2017 as a Bitcoin mining farm and later diversified its investment portfolio through cooperation and established five industrial mining bases in Quebec.
"We are proud to be a leader in the industry, setting the highest standards for ourselves and the mining business, and being able to list on a world-renowned stock exchange."
BitFarms will become the world's largest green cryptocurrency mining company. BitFarms bills itself as the most environmentally friendly mining company in the Bitcoin network. It uses 99% of the water and electricity to power 1% of the Bitcoin network.
BitFarms said that the listing is a significant achievement and an important milestone following the company's years of development and ambition.
"When BitFarms starts trading on Nasqad, it will become the largest publicly traded Bitcoin mining company in the United States, with 99% of its energy use coming from renewable electricity such as hydropower."
On the Monday after Nasqad's listing, BitFarms fell 8% on the first day of trading to a price of $3.9. Other mining companies such as Marathon Digital Holdings and Riot Blockchain also fell. At the same time, BitFarms has been listed and traded on the Toronto Stock Exchange for two years.
The plunge is related to the ongoing crackdown on crypto mining companies in Asia, which has led to a massive sell-off of various cryptocurrencies, including Bitcoin, and the value of mining equipment has also fallen.
Despite the collapse of Bitcoin prices, BitFarms stated in mid-June that the global redistribution of Bitcoin's hash rate had benefited the company so far.
"As the hash rate of Chinese miners declines, BitFarms has obtained higher transaction fees and increased its share of the total hash rate of the Bitcoin network."
As a result of the crackdown, BitFarms earned more bitcoins at the same rates and operating costs.
Two months before listing, BitFarms reached a cooperation agreement with Foundry Digital, a subsidiary of Digital Currency Group. Foundry provides financing for mining equipment for Bitcoin and other cryptocurrencies and provides channels for equipment manufacturers.
This partnership facilitated the purchase of 2,465 Whatsminer M3OS Bitcoin mining machines, which increased the operating hash rate of BitFarms by 133PH/s.
More and more cryptocurrency-related companies are listed on the Nasdaq, including Coinbase and GrayScale. Other top non-crypto currency companies have invested in the crypto field through cooperation, investment, or incidental venture capital, including Microsoft, Square, Paypal, Visa, Goldman Sachs, MicroStrategy, and MasterCard, etc., and more and more listed companies are related to the crypto field.