Bitfarms’ shares slump on Nasdaq debut amid crypto market downward

The highly anticipated Nasdaq debut of the renewable energy-focused Bitcoin mining firm, Bitfarms (BITF), saw the company’s stock fall by 8.6% amid the downgrade of crypto markets.

Bitfarms’ shares slump on Nasdaq debut amid crypto market downward

The stock on Nasdaq, BITF opened at $4.04 and quickly climbed 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.

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 hnds for $27.83, Hive Blockchain (HIVE) is trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced ata $31.57 after falling nearly 60% from its February peak of $77.90.

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

Read: The fresh Bitcoin hodlers are refusing to sell at $40K

Bitfarms claims to have benefited from the recent hashrate 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, the 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."