Bitcoin miner Bitfarms (BITF) dropped to a fourth-quarter loss as the price of bitcoin fell, costs rose and mining difficulty increased. The firm said it is examining acquisition prospects.

The Toronto-based firm posted an 8 U.S. cent loss per share, down from a 5 cent profit the year before, according to a Tuesday filing with the U.S. Securities and Exchange Commission. Gross mining margin fell to 33% from 52% in the third quarter.

The fourth quarter was rough for many miners, with the price of bitcoin slumping to as low as $16,000 and mining difficulty increasing.

(By Eliza Gkritsi)