Bitfarms, Israeli mining company, has announced its plans to move from the Tel Aviv Stock Exchange to Toronto Stock Exchange.
Bitfarms has applied for a listing on the Toronto Stock Exchange to the Ontario Securities Commission. In the case of application approval, the transition to this stock exchange will be carried out as soon as possible, and in case of refusal, the company will remain on the Tel Aviv exchange.
Note that the falling of cryptocurrency market in 2018, significantly affected mining companies and Bitfarms was not an exception. In the second half of 2018, the company lost $23.1 mln. At the same time, revenue fell from $22.3 mln to $ 11.5 mln. The company’s shares fell by 90% compared to December 2017, when the bitcoin rate was at its peak.
John Rim, Chief Financial Officer of Bitfarms, said: “Despite all the difficulties, thanks to the constant reinvestment of all the financial flows from our activities, careful planning and execution of the plans, we were able to achieve a certain operating income increase in 2018”.