Bitcoin Miner Using 99% Hydroelectric Renewable Energy Starts Trading on Nasdaq Next Week

Bitfarms will become the largest publicly traded Bitcoin miner in North America using more than 99% hydroelectric renewable electricity.

Toronto-based Bitcoin mining company Bitfarms has announced that it will start trading on Nasdaq under the ticker “BITF” on June 21.

The company took to Twitter to share that its common shares have received DTC eligibility, and it will also maintain its listing on the TSX Venture Exchange.

“Listing on Nasdaq is an important achievement for Bitfarms and is a significant milestone following multiple years of development and achievement by the company,” said CEO Emiliano Grodzki. “We started this company four years ago with a clear belief in the institutional adoption of Bitcoin and Bitcoin mining.”

The company further noted that this Nasdaq listing would make Bitforms the largest publicly traded Bitcoin miner in North America that uses more than 99% hydroelectric renewable energy.

This will help assuage the concerns around energy usage of Bitcoin mining and also increase the decentralization of cryptocurrency mining amidst the ongoing exodus from China.

“The increase in the number of publicly traded Bitcoin miners and their migration to US-based stock exchanges is indicative of broader institutional adoption of bitcoin and enthusiasm for the PoW mining business model,” said Michael Saylor, CEO of MicroStrategy.

Bitcoin mining companies like Marathon Digital Holdings and Riot Blockchain are already listed on Nasdaq, and now Bitfarm will also join this short list.

Bitfarms expanded its mining operations in Quebec in 2019, and this year, it joined Barry Silber’s DCG, Grayscale’s parent company’s new subsidiary Foundry USA Pool which helped boost its operating hash rate 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 uplisting to one of the most prestigious stock exchanges in the world,” Grodzki said. “Having reached this milestone, we are even more excited about where it will take our company next.”

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