Bitcoin Miner Digihost at risk of delisting from Nasdaq

Crypto miner Digihost is under investigation and has been threatened with delisting by Nasdaq for trading below $1 for 30 consecutive days.

The Bitcoin miner is among the many who have fallen into danger of losing their place on major US exchanges.

Digihost has been given deadlines of up to 180 days to resolve the problem. The company must comply with Nasdaq’s listing rules by trading at $1 or more for at least 10 consecutive days.

In a document filed last Friday, Digihost stated that the company’s operations have continued as usual despite the complaint.

“The company’s business operations are not affected by receipt of the notification letter, and the company fully intends to resolve the deficiency and regain compliance with Nasdaq’s listing rules,” Digihost said in the filing.

Besides Digihost, two other public mining companies have also been keeping a close eye on the Nasdaq.

Public miners – Mawson Infrastructure Group and BIT Mining – need better stock performance to retain their listings on the Nasdaq and New York Stock Exchange (NYSE) respectively.

Three other companies fell below the $1 threshold last week alone, and only a few have traded slightly above this threshold.

In the event that the stock price does not recover to above $1 per share, many companies will potentially be delisted from the Nasdaq.

The share price drop is related to the coin’s price, which has fallen around 50% in the past six months and 70% since its all-time high of around $67,550 last November.

Additionally, rising power costs have also added to the strain as it has squeezed profits for bitcoin miners and mining difficulty jumped 13.55% last week to an all-time high.

Meanwhile, last week, a group of crypto firms led by Bitcoin mining technology provider Braiins and Block Inc’s subsidiary that funds Bitcoin development called Spiral are promoting the adoption of the Stratum V2 protocol.

The upgrade from Stratum V1 will improve security for miners and for the network, help further decentralize the network and make communication more efficient, says a joint statement from Braiins and Spiral.

Stratum’s second version (V2) promises to bring many improvements to the protocol, including censorship resistance and allowing miners to choose their own work instead of being assigned workloads by pools, which will increase the Bitcoin network’s decentralization. The report elaborated that the upgrade is necessary to support an increase in overall mining and further growth in hashrate.

The working group is now focusing on building and sharing tools for all mining companies to quickly and seamlessly upgrade to the Stratum V2 protocol.

According to the announcement, the working group has released the first version of an open source Stratum V2 Reference Implementation (SRI) for testing. The report said that SRI will allow anyone to run the upgraded protocol or use it as a guide for their own implementation of Stratum V2.

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