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Bitfarms, An Israeli Cryptocurrency Mining Firm To Go Public In Canada

Samantha Mitchell

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Bitfarms, An Israeli Cryptocurrency Mining Firm To Go Public In Canada

After being listed on the Tel Aviv Stock Exchange a few days ago, Bitfarms has now moved to Canada for the same. The Israel-based Crypto mining firm has contacted the country’s Ontario Securities Commission (OSC) to launch an IPO according to the Calcalistech financial news outlet. The company has continued to record huge profits recently, which will make it attractive to investors.

Btifarms IPO In Canada

Earlier this week, an Israeli financial news outlet, Calcalistech reported that Bitfarms is planning to launch an IPO in Canada. The publication said that the Israeli-based altcoin mining firm has already applied for a preliminary prospectus with the country’s Ontario Securities Commission (OSC). The company is optimistic that it will launch an IPO in one of the country’s leading exchange market.

In the past 13 or so months, the company has continued to record huge profits. This has led a 6,500 percent increase in the company’s stock price. On November 11, the exchange was listed on Israeli’s Tel Aviv Stock Exchange. Bitfarms, previously called Blockchain Mining is hopeful that the huge profits it has continued to record will help in encouraging more investors to take part in the IPO.

Bitfarms, An Israeli Cryptocurrency Mining Firm To Go Public In Canada2

But Why Launch An IPO In Canada

Bitfarms, of course, has many other countries it would have chosen to launch the IPO. However, as Wes Fulford, the firm’s CEO noted, the country’s blockchain industry is among the most active markets in the world. Furthermore, he added that the country has crypto-friendly legislations that will make it easy for the company to operate without any difficulties.

Bitfarms mines five Cryptocurrencies namely DASH, Ether, Litecoin, Bitcoin, and Bitcoin Core. According to the financial statements of the first six months released in August, the mining firm recorded net revenue of $22.3 million and a net profit of $4.9 million. The firm has continued to record huge profits despite the prices of most coins falling in the past few months. According to the statement, the company mined 220 DASH, 567 ETH, 3,324 LTC, 2,222 BCH, and 1,923 BTC.

Bitfarms mainly relies on renewable energy in its Crypto mining activities. Furthermore, the company has upgraded all its Bitcoin mining hardware leading to a reduction in energy consumption by 12 percent while still maintaining the same hash power output. The company is now replacing the old D3 with the S9 Antminers mining hardware.

Cryptocurrency Mining In Canada

Recently, there have been concerns about Cryptocurrency mining and its impact on the environment. Some people have claimed that increased Crypto mining activities may increase global warming. According to Coinsquare exchange CEO Cole Diamond, mining firms have to look for environment-friendly and sustainable energy sources.

Canada has attracted various mining companies due to its excess natural resources. Crypto miners in regions such as Québec can generate renewable hydroelectricity for their mines. For instance, Bitfarms already generates 27.5MW of renewable energy for its four mining facilities in the region. The company has been in the country since 2013.

Furthermore, the weather in Canada has also played a significant role in attracting more Crypto mining companies. Low temperatures in most parts of the country have enabled the mining farms to spend less in cooling their machines. This has further helped in reducing the overall Cryptocurrency mining costs for the involved companies.

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