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Canadian bitcoin mining firm confirms Nasdaq listing is on sight

Canadian bitcoin mining firm confirms Nasdaq listing is on sight
Jordan Major

Canadian bitcoin mining company Bitfarms has revealed it is almost completing the necessary procedures before landing a spot on the Nasdaq exchange.

In a press statement, Bitfarms said it is actively following up the listing, having filed the 2020 Annual Information to the Securities Exchange Commission.

If SEC accepts Bitfarms application, the company will become another crypto-centered firm to list on the exchange. On April 14, 2021, crypto exchange Coinbase went live on Nasdaq in return, driving bitcoin to a new all-time of almost $65,000.

Attracting U.S. institutional investors

Ahead of the possible listing, Bitfarms had initially rolled a plan for a private placement of shares with U.S. institutional investors to raise $31.3 million. The proceeds will go towards the purchase of additional miners and expanding infrastructure.

“This additional financing will allow us to grow further. We are pleased to continue to expand our institutional presence in the U.S,” said Bitfarms CEO Emiliano Grodzki.

The statement added that Bitfarms had purchased two new-generation crypto mining equipment by MicroBT. The new miners will be fully operational by August.

Bitfarms also announced that it has mined and retained over 650 bitcoins in 2021 with a value of about US$41 million at US$63,000.

Furthermore, with miner repairs and purchases, the company expects to increase its total hash rate to approximately 1.6 EH/s by August. Based on the current bitcoin price, the hash rate can mine about 9.5 bitcoin per day.

Currently, the firm is also adding about 7.5 BTC daily to its inventory. By putting mining difficulty into consideration, Bitfarms expects the inventory to grow to 1,000 Bitcoin within the next 50 days.

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