The Nasdaq Stock Exchange threatened to delist the shares of Digihost, a bitcoin mining company, if its shares continued to trade for less than one dollar for 30 consecutive days.

Digihost is the latest bitcoin miner to slip into the danger zone.

The company hopes to retain its position on the major US trading exchanges.

In a document filed Friday with the US Securities and Exchange Commission, Digihost said:

The company’s business operations were not affected by the receipt of the notification letter and the company intends to resolve the shortfall and restore compliance with Nasdaq listing rules.

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A bitcoin miner has 180 days to regain compliance with Nasdaq’s listing rules by trading for $1 or more for at least 10 consecutive days.

The company will also be eligible for an additional 180-day compliance period.

With multiple factors contributing to the downturn in the bitcoin mining industry, Digihost is only the latest company to see its stock list jeopardized.

Two other miners Mawson Infrastructure Group and BIT Mining also need to perform better for their shares to hold their shares on the Nasdaq and New York Stock Exchange (NYSE), respectively.

In the past week alone, three more Bitcoin mining stocks have slipped below the $1 threshold, while a handful of others are trading just above that.

Bitcoin mining stocks tend to follow the price of bitcoin, which has fallen by 70% since its all-time high of around $69,000 in November last year and nearly 50% in the past six months.

This drop, along with rising energy costs, has slashed profits for bitcoin miners, who have also had to contend with mining difficulty, with the difficulty rate jumping 13.55% last week to an all-time high.

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I expected The Australian-based Mawson Infrastructure Group is leading the charge in maintaining the company’s position on the Nasdaq, as it infers that the company can raise the value of its stock above $1 for 10 days, and thus solve the problem.

It is worth noting that the company sold one of its facilities in Georgia to compete with “CleanSpark”, indicating that it will focus on its sites in Pennsylvania and Texas, where it sees an opportunity to achieve compelling returns.

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BIT Mining also sought to reassure investors in August that its stock would recover.

Recently, Bo Yu, Chairman of the Board of Directors of BIT Mining, stated:

Despite the turbulent market conditions, rest assured that the current stock price will not have any impact on the normal business operations of our company and our ability to create value for our investors in the future.

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