Bitfarms Co-Founder Emiliano Grodzki has resigned as its CEO. Geoffrey Morphy will serve as the new CEO, who was the President and Chief Operating Officer of the firm.
According to a press release, the Bitcoin mining firm Bitfarms, announced on December 29th, 2022 that its co-founder and CEO Emiliano Grodzki has resigned. He founded the firm in 2017 with Nicolas Bonta. However, he will serve the firm as a Director, whereas Mr. Bonta will be the Board Chairman.
#Bitfarms Promotes Geoffrey Morphy to Chief Executive Officer
Bitfarms promoted President and Chief Operating Officer Geoffrey Morphy to the position of President and Chief Executive Officer effective immediately.
More Info: https://t.co/xCcIUHluis pic.twitter.com/JOZ5iUNj2d
— Bitfarms (@Bitfarms_io) December 29, 2022
Official comments
Nicolas Bonta, the Chairman of the Board of Directors said, “In a little over two years, Geoff helped transform Bitfarms from a purely Canadian company trading on the TSX Venture Exchange with five farms in Quebec to an international powerhouse traded on both the Nasdaq and TSX with ten operating farms in four countries driving over 4.4 exahash/second (EH/s) today. I am proud to announce Geoff as Bitfarms’ new CEO and am confident his expanded leadership will continue to bring success to Bitfarms in the coming years.”
The new CEO and President, Geoffrey Morphy said “Our foundational work over the last five years built the strength and depth of skills we needed to navigate these external factors. As we look at Bitfarms’ path forward through 2023 and beyond the next Halving event, I am even more optimistic today about Bitfarms’ long-term prospects than when I joined the Company back in 2020.”
Due to harsh market conditions, crypto mining companies took a beating this year. Their daily revenue has dropped to record lows. However, Bitfarms is still in the field and battling with the current market situation. It can be seen that the company has recorded back-to-back losses in the last two quarters.
In its Q3 report of this year, Bitfarms noted $85 million in net loss, as compared with $142 million for Q2. On the other hand, the firm is working on reducing its debt load; last November, it paid off $27 million.
The stock of Bitfarm (BITF) has also lost more than 90% of its value since January. While similar mining firms are also struggling, such as Compute North and Core Scientific. Core Scientific filed for bankruptcy earlier this year.
Source: https://www.thecoinrepublic.com/2022/12/31/bitfarms-ceo-and-co-founder-emiliano-grodzki-leaves-the-firm/