The crackdown on crypto mining in China has helped the results and outlook for the Canadian bitcoin mining firm.
Bitfarms mined 391 bitcoin in July, its best monthly output on record.
Two large bitcoin miners are growing beyond Quebec because of restrictions on the use of power to run their operations.
Bitfarms, a Canadian bitcoin miner, has been approved to list its common stock on the Nasdaq Global Market.
The Canadian mining firm’s project will be able to power some 55,000 new-generation mining machines.
The company expects the miners to increase its hashing capacity to 8.0 exahashes from its present 1.0 EH once all are operational.
Bitfarms was able to sell far few shares for the same amount of proceeds thanks to a 45% rise in its stock price in the last week.
Bitfarms announced the placement Sunday.
Bitfarm shares have soared 230% in December.
Bitfarms boost its mining power by 360 PH with the new lease, set to run for 24 months.
BitFarms used high-interest-rate debt with large balloon payments to expand operations. Now it may struggle to pay off its debt, according to CoinDesk Research.
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