Bitfarms today became the ninth Argentine unicorn since this morning it was worth more than US $ 1 billion. It is a cryptocurrency mining company that was founded by Argentines and operates in Canada, in addition to being listed on Wall Street and the Toronto Stock Exchange.

The company began operating in 2017 under the guidance of Emiliano Grodzki and Nicolás Bonta and today, when the markets opened, it consolidated a premarket rise that reached peaks of 25% last night. At the Nasdaq opening, the stock traded around US $ 7 per share, 18% more than last Friday.

In this way Bitfarms joined Mercado Libre, Globant, Despegar, OLX, Auth0a, Mural, Vercel and Aleph as the new technology-based company in our country that won the title of “unicorn”, which are those companies that exceed the price of US $ 1,000.

What does this company do? Basically it mines bitcoins, that is, it operates computers -miners- that solve mathematical operations and authorize transactions in cryptocurrencies and in exchange for that work they receive bitcoins as payment. It has five facilities in Quebec, Canada, with an electrical power of 69 megawatts, and in its pipeline is the construction of another five plants that would add an additional 100 MG among them. But they will not stay with this as they plan to invest in other countries.

In dialogue with Infobae, Grodski said that “Bitcoin is being institutionalized: from being an invention, or a bad word for many, it has become accepted as part of the economy by many traditional investors. There are 20 companies in the world that have been doing this educational work for 5 years. The market recognizes the companies behind the infrastructure that makes this ecosystem legal and sustainable, that makes the bitcoin protocol secure. It is a business for the future: how to invest in the internet in 1994 ″.

Regarding the causes of the rise, the businessman mentioned that context for the company and the “blackout” in China –the restrictions for the mining companies in that country, a measure that lowered 50% of the system’s computational power–, as the central arguments of the escalation of the price of the action. In addition, the company, which has been listed on Nasdaq since June this year, will present its second quarter results next week and the market would be anticipating that data. Since then, the stock’s value has risen more than 70 percent. Grodzki said that “the China thing was tough, one of the most difficult tests for bitcoin which, anyway, proved to be very powerful. Today, the premarket, has to do with that recognition for our company as a solid leader in the sector ”.

For its part, the same media spoke with Bonta, who assured: “The bitcoin has been rising in recent days. We are the only company in the sector audited by a big four. Ours is a long term job and business, we are in the market to stay. Also listed in the US was a very important clean and jerk ”.

In fact, in 2017, the company had already been a unicorn, when bitcoin touched, at the end of that year, USD 20,000 per unit. Sure, then it was not listed or had the current corporate structure. “Having survived such a sharp drop in prices and continuing here, investing and educating on the subject, speaks of the fact that we are going to be in this business for a long time,” Bonta explained.


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