{"id":280479,"date":"2021-06-22T08:16:13","date_gmt":"2021-06-22T05:16:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitfarms-shares-slump-on-nasdaq-debut-amid-crypto-market-pull-back\/"},"modified":"2021-06-22T08:16:13","modified_gmt":"2021-06-22T05:16:13","slug":"bitfarms-shares-slump-on-nasdaq-debut-amid-crypto-market-pull-back","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitfarms-shares-slump-on-nasdaq-debut-amid-crypto-market-pull-back\/","title":{"rendered":"# Bitfarms\u2019 shares slump on Nasdaq debut amid crypto market pull-back"},"content":{"rendered":"

“# Bitfarms\u2019 shares slump on Nasdaq debut amid crypto market pull-back <\/strong>”<\/p>\n

The highly anticipated Nasdaq debut of renewable energy-focused BTC mining firm, Bitfarms (BITF), saw the company\u2019s stock fall by as much as 8.6% amid weakness in the broader crypto markets.<\/p>\n

BITF opened at $4.04 and quickly climbed a couple of percent to tag a high of $4.11 before dropping as low as $3.90 as cryptocurrency prices tumbled. Bitfarm\u2019s shares last traded hands for $3.96.<\/p>\n

BITF\/USD: Nasdaq<\/a><\/figcaption><\/figure>\n

The share prices of publicly-listed Bitcoin mining firms have taken a beating over recent months.<\/p>\n

Marathon Digital Holdings (MARA) is down roughly 51% from its early-April all-time high of $56.50 after its stock last changed hands for $27.83, while Hive Blockchain (HIVE) trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced at $31.57 after falling nearly 60% from its February peak of $77.90.<\/p>\n

In addition to the heavy BTC sell-off that followed Bitcoin\u2019s April all-time high, the poor performance of mining stocks has resulted from negative perceptions concerning the sector\u2019s energy consumption, and reactions to China\u2019s escalating crackdown on domestic miners.<\/p>\n

However, Bitfarms claims to have benefited from the recent hash rate exodus from China amid the clampdown, with the Canada-based firm estimating 99% of its computation is powered by \u201cgreen\u201d hydroelectricity. In its June 10 production update, Bitfarms company stated<\/a>:<\/p>\n

“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.”<\/p><\/blockquote>\n

Related: <\/em><\/strong>Nvidia GPU prices in China fall amid crypto mining crackdown<\/em><\/p>\n

Despite the heavy drawdowns recently observed in the price of mining stocks, Cointelegraph reported in March that the sector had outperformed the spot price of Bitcoin by 455% during the preceding 12 months.<\/p>\n