Bitfarms’ debuting shares have been unable to escape the bearish crypto meta-trend, despite the firm claiming its profits have increased amid the recent drop in Bitcoin hash rate.
The highly anticipated Nasdaq debut of renewable energy-focused BTC mining firm, Bitfarms (BITF), saw the company’s stock fall by as much as 8.6% amid weakness in the broader crypto markets.
BITF opened at $4.04 and quickly climbed a couple of percent to tag a high of $4.11 before dropping as low as $3.90 as cryptocurrency prices tumbled. Bitfarm’s shares last traded hands for $3.96.
The share prices of publicly-listed Bitcoin mining firms have taken a beating over recent months.
Marathon Digital Holdings (MARA) is down roughly 51% from its early-April all-time high of $56.50 after its stock last changed hands for $27.83, while Hive Blockchain (HIVE) trading at $2.38 for a loss of 57% from its February high of $5.50, and Riot Blockchain (RIOT) priced at $31.57 after falling nearly 60% from its February peak of $77.90.
In addition to the heavy BTC sell-off that followed Bitcoin’s April all-time high, the poor performance of mining stocks has resulted from negative perceptions concerning the sector’s consumption, and reactions to China’s escalating crackdown on domestic miners.