With Bitcoin's price collapse, skyrocketing electricity prices, lower market prices for mining rigs, and record-level mining difficulty, 2022 was a difficult year for the mining sector. That said, some are holding on better than others.
that the company sold 1,755 BTC during Dec. 2022 for total proceeds of $29.9 million. The firm then used this amount to pay down $16.5 million in its BTC-backed facility, along with $2.0 million in equipment-related indebtedness.
Bitfarms also managed to renegotiate miner purchasing agreements leading to extinguishing $45.4 million without penalty while establishing a $22.4 million credit for pre-paid pre-paid deposits to be applied against future purchase agreements. The company mined 5,167 BTC for all of 2022 and had an outstanding debt balance of $47.0 million at the year's end.that it reached an exchange agreement to convert $17.9 million of its debt into preferred stock bearing a face value of $23.1 million.
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