Canadian crypto miner Bitfarms’ (BITF) reported impressive Q4 and full-year 2022 results, with full-year revenue surging 383%, according to a news release by SEC on Monday.
- The company reported revenue of $60 million, surging 33% from $45 million in the third quarter and surging 426% from $12 million in Q4, a year earlier.
- The company’s operating income in Q4 was $15 million, and net income was $10 million or a$0.05 per share. The adjusted EBITDA of the crypto miner was $44 million.
- Bitfarms’ mined 1,045 bitcoin (BTC) in the fourth quarter at an average price of $8,000 per coin compared to an average of $7,500 a year earlier.
Bitfarms held $126M of cash and 3,301 bitcoin valued at nearly $153M. The company raised $113.9M in the fourth quarter through the sale of 17.6M shares via its at-the-market program. BITF up +13.33%