Canadian Bitfarms, a Bitcoin mining company, has revealed that it has almost completed the procedures required to enter the Nasdaq Stock Exchange.
In a press release, Bitfarms said that they are actively trying to become public. The company has already submitted an application to the Securities and Exchange Commission (SEC).
If the SEC accepts the Bitfarms app, the company will be the next crypto company listed on the technology exchange. On April 14, 2021, Coinbase entered the Nasdaq, leading the price of bitcoin to a new full-time high of nearly $ 65,000.
Bitfarms needs $ 32.3 million
Prior to a possible listing, Bitfarms initially plans to raise funds through a private placement of shares. In this way, it wants to get another 31.3 million dollars. Revenues are distributed through the purchase of additional excavators and the development of infrastructure.
This additional funding enables us to develop further. We are pleased to continue to expand our institutional presence in the United States
– said CEO of Bitfarm’s Emiliano Grodzki.
The statement added that Bitfarms had purchased two next-generation cryptocurrency group units from MicroBT. The new mining machines will be fully operational in August.
Bitfarms also announced that it will mine and retain over 650 bitcoins worth approximately $ 41 million in 2021. In addition, with excavator repairs and subsequent purchases, the company expects to increase its total hash rate to approximately 1.6 EH / s by August. Based on the current bitcoin price, such power can break about 9.5 bitcoins per day.
Currently, the company’s portfolio is growing by about 7.5 BTC per day. Given the difficulty of mining, Bitfarms predicts that its resources will increase by another 1,000 Bitcoins over the next 50 days.
Mining and clean energy?
As we know, mining uses a lot of energy. But it drives humanity to look for alternatives. One such eco-crypto company is Argo Blockchain. As recently reported, the company will launch a Bitcoin (BTC) mining pool that is powered solely by clean energy.
At the same time, Mike Colyer, CEO of Foundry Digital – a subsidiary of Digital Currency Group – believes that mining Bitcoin can ultimately help the world switch to 100% renewable energy.
