Bitcoin Mining

Breaking: Bitcoin Mining Firm Meets Nasdaq Listing Requirements

Bitfarms has regained compliance with Nasdaq listing requirements after the stock price continued to trade over $1.
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Breaking: Bitcoin Mining Firm Meets Nasdaq Listing Requirements

Canada-based Bitcoin mining firm Bitfarms has regained compliance with Nasdaq listing requirements, the company disclosed on Monday. It will help recover the share prices of the Toronto Stock Exchange and Nasdaq-listed bitcoin mining firm Bitfarms.

Bitfarms faced potential delisting from Nasdaq after the stock exchange company told the Bitcoin mining firm that the stock price is not in compliance with listing requirements as it continued to trade under $1 for several months. Nonetheless, the recent rally in Bitcoin and rising mining activity pushed Bitfarms shares higher.

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Bitfarms Regains Compliance With Nasdaq Listing

According to a press release on May 1, Bitfarms received confirmation on its continued listing from the Nasdaq stock exchange. The Bitcoin mining firm has now regained compliance with the minimum bid price requirement of $1 per share under the Nasdaq Listing Rule 5550(a)(2).

In December, Nasdaq sent a notice to Bitfarms that its stock price has failed to comply with the minimum bid price requirement of $1 per share over 30 consecutive trading days. If the stock price doesn’t recover and trade over $1 for at least 10 days in the next six months, Bitfarms risks delisting.

Several factors including Bitcoin price recovery, Bitcoin ordinals inscriptions NFTs, and macro helped Bitcoin mining firms such as Bitfarms recover from the financial crunch during the bear market.

Bitfarms (BITF) share price fell 4.92% to $1.16 on Friday due to volatility in the crypto market ahead of the pending U.S. Federal Reserve rate hike decision on May 3. However, the recent announcement on regaining compliance will boost stock prices and sentiment among traders.

Also Read: Binance CEO “CZ” Warns Justin Sun & Whales Over Misusing SUI Token Farming

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Bitcoin Mined In April

Bitfarms’ BTC production in April dropped 6% year-over-year. As per the Bitcoin mining firm, the recent 52% increase in hashrate was offset by a 61% increase in network difficulty and a 9-day shutdown in Rio Cuarto, Argentina is the reason behind declined production.

“For April 2023, we were cash flow positive from operations after scheduled interest and principal payments. Reflecting improved mining economics, as in March, we sold less BTC than we produced,” said Geoff Morphy, CEO of Bitfarms.

Baitfarms added 30 BTC to its treasury due to increased cash flow from operations, increasing BTC in custody to 465 worth $13.6 million at the current BTC price.

Also Read: Top Exchange Lists Pepe Coin After 200% Rally, Will It Flip SHIB and DOGE?

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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