Geoffrey Morphy, Bitfarms‘ President and Chief Operating Officer, has taken over as CEO.
According to a press release issued on December 29, Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, has resigned.
The mining company was founded in 2017 by Emiliano Grodzki and Nicolas Bonta. Grodzki will continue to serve as a director, while Bonta will take over as chairman of the board. Following Grodzki’s resignation, President and Chief Operating Officer Geoffrey Morphy was named CEO.
“Challenging times are precisely why our emphasis on operating efficiency, cost controls, corporate governance and a diversified portfolio of underutilized energy sources are so important and position us for success in all environments,” Morphy said.
The bear market has harmed Bitcoin miners, whose daily revenue has fallen to record lows. Bitfarms has been hit hard by the current market conditions, suffering back-to-back losses in the last two quarters.
In Q3, 2022, the company reported a net loss of $85 million, compared to a loss of $142 million in Q2. Furthermore, the company has been working to reduce its debt load; in November, it paid down $27 million. Since January, Bitfarm’s stock (BITF) has lost more than 90% of its value.
Other mining companies, such as Compute North and Core Scientific, are also struggling and have filed for bankruptcy.
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