Israeli Bitfarms Crypto Mining Company Files For IPO In Ontario, Canada After Posting Huge Gains
One of the largest blockchain technology companies in the world, Bitfarms, applied for a preliminary prospectus with the Ontario Securities Commission (OSC) to offer public shares on one of Canada’s leading exchanges.
Bitfarms began as an Israeli company listed as Natural Resources Holdings Ltd. Although they sold all their operations, in October 2017 they merged with Canadian cryptocurrency mining firm Backbone Hosting Solutions marking their pivot to blockchain and move to Canada.
The firm was listed on the Tel Aviv Stock Exchange on November 11th following a fairytale 13-month run which saw the company’s stock rise more than 6,500%. The new filing will boost investor interest in the company.
In spite of current market circumstances, Bitfarms stays remarkably contentious on a global scale. As a vertically-integrated cryptocurrency miner, the firm stays to achieve operational effective infrastructure spending, with management persistingly centered on developing its safe 125MW pipeline of stable, low-cost, green hydro electricity within Québec.
Notably, the company has installed a new upgrade across all Bitcoin mining hardware that results in a 12% decrease of energy consumption while providing the similar hash power output. This is especially important for mining companies as hardware electricity costs are still the biggest operational expense. Additionally, they are upgrading their hardware from D3 mining hardware with new S9 Antminers.
Bitfarms provisions computing power to cryptocurrency networks such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Dash, earning fees from each network for securing and processing transactions, 24 hours a day, seven days a week. Since 2013, predecessors to Bitfarms have constructed 4 farms in Québec, Canada, which have 27.5 MW of installed capacity and approximately 200 Ph/s of installed hash-power. Bitfarms’ construction pipeline includes an additional 5 farms with a total of 162.5 MW of power capacity, including current operations.
The company reported a revenue of $22.3 million in just the first half of 2018, in that about $5million was the net profit. They mined 1,923 BTC, 2,222 BCH 3,324 LTC, 567 ETH, and 220 DASH.