Due to the fall in the crypto market, Bitfarms’ stock price plummeted during its Nasdaq debut

The highly anticipated renewable energy-focused BTC mining company Bitfarms (BITF) made its debut on the Nasdaq, and the company’s stock price fell 8.6% amid the weakness of the broader cryptocurrency market.

BITF opened at US$4.04 and quickly climbed a few percentage points to a high of US$4.11, then fell to US$3.90 Cryptocurrency prices plummetThe last trading price of Bitfarm’s stock was $3.96.

Bitcoin/USD: Nasdaq

In recent months, the share price of a publicly listed Bitcoin mining company has been hit hard.

The share price of Marathon Digital Holdings (MARA) fell about 51% from its historical high of US$56.50 in early April, after its stock finally changed hands at US$27.83, while Hive Blockchain (HIVE) was trading at US$2.38, down from its February high 57% USD 5.50, Riot Blockchain (RIOT) dropped nearly 60% from its peak of USD 77.90 in February, and its price was USD 31.57.

In addition to the massive sell-off of Bitcoin after it hit a record high in April, the poor performance of mining stocks also stems from people’s negative views of Bitcoin. Energy consumption of the industryAnd the response to China Increase the crackdown on domestic miners.

However, Bitfarms claims to have benefited from the recent Hash rate leakage From China’s crackdown, the Canadian-based company estimates that 99% of its calculations are powered by “green” hydropower.In the production update on June 10, Bitfarms statement:

“As the computing power of Chinese miners declined, Bitfarms earned higher transaction fees and increased its share of the total Bitcoin network computing power. Therefore, Bitfarms earned more with the same computing power and operating costs. Bitcoin.”

related: Affected by cryptocurrency mining, Nvidia GPU prices fall in China

Despite recent observations of a sharp drop in mining stock prices, Cointelegraph reported in March that the industry has Outperformed the Bitcoin spot price by 455% In the past 12 months.