Bitfarms Co-founder Resigns, Crypto Miners Still In Crisis

Key Points:

• Following Bitfarms Co-founder Emiliano Grodzki’s resignation, Geoffrey Morphy was elevated to CEO of the Bitcoin mining company.
• The company announced in a statement that Morphy, who formerly held the position of chief operating officer, will continue in his role as president.
• Grodzki will continue to serve as a director on the board, while Nicolas Bonta will transition from his current position as executive chairman to that of board chairman.

Geoffrey Morphy, president and Chief Operating Officer of Bitfarms, has assumed the CEO role.

According to a post made by Bitfarms on December 29, Emiliano Grodzki, co-founder and CEO of the Canadian Bitcoin mining company, has resigned.

The mining company was established in 2017 by Emiliano Grodzki and Nicolas Bonta. The company said in the statement that Grodzki would continue to serve as a director on the board, while Nicolas Bonta will transition from his current position as executive chairman to that of board chairman. President and Chief Operating Officer Geoffrey Morphy has been promoted to CEO as a result of Grodzki’s resignation.

Morphy, who formerly held the position of Chief Operating Officer, will continue to serve as the company’s president, the company announced in a statement.

“Challenging times are precisely why emphasis on operating efficiency, cost controls, corporate governance and a diversified our portfolio of underutilized energy sources are so important and position us for success in all environments,” Morphy said.

Bitcoin miners have been profitable revenue by the bear market as their daily has fallen to all-time lows. The current market conditions haven’t spared Bitfarms, as the company has seen back-to-back losses over the past two quarters.

As Coincu reported, on December 13, Nasdaq sent Bitfarms a warning letter because the company’s stock price had fallen below $1 for 30 straight working days. On December 14, the company noticed the notification and announced that it had a 180-day first term to restore compliance with Nasdaq’s requirements.

Before June 12, 2023, the company’s shares must close at $1 for a minimum of 10 straight days to comply once again. In such a scenario, Nasdaq officials would inform Bitfarms in writing that compliance has been demonstrated.

Compute North and Core Scientific, two other mining companies that have already filed for bankruptcy, are also having difficulties. Argo Blockchain is also struggling with its limited finances.

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Harold

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