Crypto Mining Firm Bitfarms CEO Steps Down Amid Bear Market Woes

• Geoffrey Morphy is promoted from president and COO to CEO.
• Bitfarms was established in Canada in 2017 by Grodzki and Nicolas Bonta.

Bitfarms’ CEO, Emiliano Grodzki, has resigned in the wake of the bear market, following a long line of leaders in the cryptocurrency industry who have left their posts this year. Geoffrey Morphy is promoted from president and COO to CEO at the mining firm.

Here is what Morphy had to say:

“Our foundational work over the last years built the strength and depth of skills we needed to navigate external factors. I’m even more optimistic today about Bitfarms’ long-term prospects than when I joined the company back in 2020.” 

Bitfarms was established in Canada in 2017 by Grodzki and Nicolas Bonta. Despite his departure from the role of CEO, Grodzki will continue to be involved with the firm as a Board Director. Confirming the transition from the Executive Chairman to the new Board of Directors structure, Bonta will take on the role of Chairman of the Board.

Prolonged Bear Market

Upon being asked to comment on Morphy’s promotion to CEO, Bonta pointed out that in the two years since he joined Bitfarm, Morphy has made major contributions to the company’s management team, corporate structure, governance and control, investor relations, and operations and strategy.

Bitfarms’ boss joins a growing list of executives who have stepped down as the prolonged bear market has wreaked havoc on the finances of many of the industry’s leading cryptocurrency enterprises, including mining operations.

Core Scientific, a publicly listed company that specializes in Bitcoin mining, filed for bankruptcy this month, after getting a $72 million loan offer from one of its creditors. With at least $500 million owed to more than 200 creditors, crypto mining infrastructure provider Compute North filed for Chapter 11 bankruptcy in the United States in September.