Toronto-based Bitcoin mining business Bitfarms has announced that it will begin trading under the symbol “BITF” on Nasdaq on June 21. Common shares of the company have received DTC eligibility and it will retain its listing on the TSX Venture Exchange, according to a tweet thread from the company.
“Listing on Nasdaq is an important achievement for Bitfarms and is a significant milestone following multiple years of development and achievement by the company,” per the thread, which was quoting CEO Emiliano Grodzki. “We started this company four years ago with a clear belief in the institutional adoption of Bitcoin and Bitcoin mining.”
The thread also indicated that the Nasdaq listing will make Bitfarms the largest publicly-traded Bitcoin miner in North America that uses nearly 100% hydroelectric, renewable energy. While often misguided concerns around the energy consumption of Bitcoin mining have existed for years, the debate around this issue has reignited recently. Bitfarms’ reliance on renewable energy sources is one example of how bitcoin mining is a remarkably efficient method of converting energy to value.
The listing will see Bitfarms join a short list of bitcoin mining companies available on Nasdaq, which also includes Marathon Digital Holdings and Riot Blockchain.
In 2019, Bitfarms expanded its mining operations in Quebec and earlier this year, it joined Foundry USA Pool, boosting 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, per the thread. “Having reached this milestone we are even more excited about where it will take our company next.”