Israeli Crypto Miner is canceled from the Tel Aviv Stock Exchange due to the Bear Market

Israeli cryptocurrency mining company Bitfarms will be scrapped from the Tel Aviv Stock Exchange due to the losses caused by last year's crypto bear market, Globes, the local business supplier on April 1, reported.

Bitfarms – previously known as Blockchain Mining – reportedly lost $ 23.1 million in the second half of 2018, while net profit in the first two quarters was only $ 4.9 million. The company's sales are said to have shrunk by 48 percent in the second half, from $ 22.3 million to $ 11.5 million.

The company justified the fall in sales with the Bitcoin (BTC) price drop, as well as an 81 percent increase in mining problems. Although the share price of Bitfarms has risen by nearly 80 percent since the beginning of last year, it is still 90 percent lower than in December 2017.

Last week Bitfarms filed a provisional prospectus with the Ontario Securities Commission with the aim of being listed on the Toronto Stock Exchange. John Rim, Bitfarms CFO, said that "despite the challenges, through continuous reinvestment of cash flow from our operations, careful financial planning and disciplined execution, we were able to achieve many operational growth targets in 2018."

In November last year, crypto-currency markets suffered a sharp decline, not more than a year ago, when Bitcoin fell below the $ 5,600 price point for the first time in 2018.

Last December, Cointelegraph reported that cryptocurrency mining giant Bitmain decided to close its development center in Israel and lay off local employees, as well as reduce its operations in the Netherlands in January. Gadi Glikberg, head of the Israeli branch and Bitmain vice president of international sales and marketing, linked the closure to the collapse of the crypto market:

"The cryptomarket has undergone a stir over the past few months, forcing Bitmain to investigate its various activities around the world and to refocus its activities in accordance with the current situation."

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