Bitfarms stocks tumble on first Nasdaq debut amid crypto market rebound

The highly anticipated launch of renewable energy-focused BTC miner Bitfarms (BITF) on Nasdaq caused the corporation’s shares to fall 8.6% amid the currency markets.

The BITF started at $ 4.04 and quickly rose a few percent to a high of $ 4.11 before falling to $ 3.90 since the price of the cryptocurrency fell. Bitfarm’s shares last traded at $ 3.96.

The share costs of the listed Bitcoin miners have plummeted in the past couple of months.

Marathon Digital Holdings (MARA) is down about 51 percent from its all-time high of $56.50 in early April, following its stocks last changed hands for $27.83 while Hive Blockchain (HIVE) traded at $ 2.38 was up 57 percent from February high of $ 5.50 and Riot. Dropped blockchain (RIOT) is $31.57 following its summit fell nearly 60 percent to $77.90 in February.

In addition to the powerful BTC sell-off later Bitcoin’s all-time large in April, the mining stocks’ underperformance was also brought on by negative perceptions regarding energy use and the industry’s response to China’s increased crackdown on national miners.

Bitfarms, however, claims to have benefited from the recent exodus from China throughout the crackdown, with the Canada-established company estimating that 99 percent of its computing power is powered by hydropower. In a June 10 production upgrade, Bitfarms said:

“As that the hashrate of Chinese miners dropped, bitfarms earned higher transaction fees and increased their share of the complete hashrate of the Bitcoin network. As a result, Bitfarms has earned more Bitcoins with the same computing power and operating costs. ”

Connected: Nvidia GPU costs in China are decreasing amid that the crackdown on crypto mining

Despite the recent dramatic decline in mining stock prices, Cointelegraph reported in March the industry outperformed the place price of bitcoin by 455% over the previous 12 months.