There is Hope: Bitfarms (NASDAQ: BITF)(TSXV: BITF) is Approved and Listed
This leads us to the topic of conversation: ESG in Bitcoin mining. A company that just listed on the NASDAQ. Bitfarms (NASDAQ: BITF)(TSXV: BITF) officially began trading on the NASDAQ today after receiving approval last month.
Why is Bitfarms (NASDAQ: BITF)(TSXV: BITF) so significant?
It’s a Canadian Bitcoin mining company headquartered in Quebec.
The company operates five facilities in the province, and each one is powered by hydroelectricity.
The company’s Sherbrooke facility is split into two sections and has a power capacity of 30mw.
According to Bitfarm’s (NASDAQ: BITF)(TSXV: BITF) website, it costs an average of US$0.04/kWh to run the company’s operation on 100% hydroelectric power.
At the moment the stock is trading on the NASDAQ at $3.96. It took a hit down 8% from its offering as a result of a massive cryptocurrency selloff.
Bitfarms (NASDAQ: BITF)(TSXV: BITF) is a company that is positioned at the right time and in the right place.
Based on their initial success, it’s viable that the company’s vertically integrated business model will be revisited in rolling out Bitcoin mining sustainability into the future.
Imagine walking into a house for sale, but it’s on fire.
Then say, “Oh, I can make this work?”
That’s kind of what sustainable Bitcoin mining companies are doing. The crypto market is taking a huge hit, but as of this morning, it’s actually starting to ramp up!
As China’s great Bitcoin migration continues, more and more miners are selling assets and will have to relocate to other countries.
These new homes may not have the same view toward energy consumption as the People’s Republic, so this may mean a big push for environmental governance in Bitcoin mining from now on.