Co-founder and Executive officer of Canadian bitcoin miner Bitfarms (BITF), Emiliano Grodzki, has resigned with instant effect, the business announced on Thursday. Geoffrey Morphy, President and Chief Operating Officer, has been elevated to take his place
Grodzki, who co-founded the business in 2017 with Nicolas Bonta, will continue to serve as a director. From executive chairman to board chairman, Bonta will now serve.
Crypto miners like Bitfarms have been fighting for survival as the mining sector adjusts to a decline in the market for digital assets. The miners, who incurred debt during the previous bull run, have also been hampered by high electricity prices and competition. In order to increase liquidity, Bitfarms reversed course on its holding policy and sold 3,000 Bitcoin for $62 million in June. According to its operating update on Nov. 30, the company had 1,664 Bitcoin under custody.
Nicolas Bonta commended Geoff in his speech
“In just over two years, Geoff assisted Bitfarms in growing from a wholly Canadian business listed on the TSX Enterprise Exchange with five farms in Quebec to a global powerhouse listed on the Nasdaq and TSX with 10 functioning farms in four countries currently generating over 4.4 exahashes per second (EH/s)”.
Chief Operating Officer Geoffrey Morphy said
“The emphasis we place on operating effectiveness, cost management, corporate governance, and a varied portfolio of underutilized power sources is crucial because it positions us for success in all situations during these challenging times”.
Bitcoin miners have been negatively impacted by the bear market as their daily revenue has fallen to all-time lows. The current market conditions haven’t spared Bitfarms, as the business has seen back-to-back losses over the past two quarters.
Comparing Q3 of 2022 to Q2, the company’s net loss was $85 million as opposed to $142 million. The company has also been trying to lower its debt levels; in November of last year, it paid $27 million off. Since January, Bitfarm’s stock (BITF) has suffered a loss of more than 90% of its worth.
Along with Core Scientific and Compute North, which have previously declared bankruptcy, other mining companies are also having difficulties.
About Bitfarms (BITF)
Bitfarms is a Bitcoin mining company that operates a large network of specialized computer servers known as mining rigs. These rigs are used to validate transactions on the Bitcoin network and create new bitcoins in the process. Bitfarms is a publicly traded company that operates a number of mining facilities in Canada, the United States, and Israel. The company is known for its focus on sustainability and energy efficiency in its mining operations. Bitfarms uses a variety of advanced technologies, including artificial intelligence and machine learning, to optimize its mining operations and maximize profits
Ken Emmanuel is a Blockchain Content writer, a Web3 Enthusiast and a Social Media Management Strategist, he likes writing educative contents to help people gain more knowledge and get inspired. The growth of any organization he work with is always his priority. He is a Geographer by profession and loves reading.