Emiliano Grodzki has stepped down as CEO of main Bitcoin mining agency Bitfarms, becoming a member of an extended checklist of crypto executives who resigned from their positions amid the bear market this 12 months.
The mining firm named Geoffrey Morphy as its new CEO, selling him from his position as president and chief working officer (COO).
“Our foundational work over the past years constructed the energy and depth of expertise we would have liked to navigate exterior elements. I’m much more optimistic at present about Bitfarms’ long-term prospects than once I joined the corporate again in 2020.” – Morphy mentioned.
Grodzki to Remain as Board Director
Grodzki and his accomplice Nicolas Bonta co-founded Bitfarms in Canada in 2017. Although Grodzki will now not perform as CEO, he’ll stay within the firm as a Director on the Board.
Bonta will even perform as the corporate’s new Chairman of the Board of Directors, transferring from the place of Executive Chairman.
Commenting on Morphy’s new place, Bonta famous that the brand new CEO had performed a major position in creating the agency’s administration staff, company construction, governance and management, investor relations, and operations and technique since he joined Bitfarm two years in the past.
“In slightly over two years, Geoff helped remodel Bitfarms from a purely Canadian firm buying and selling on the TSX Venture Exchange with 5 farms in Quebec to a global powerhouse traded on each the Nasdaq and TSX with ten working farms in 4 international locations driving over 4.4 exahash/second (EH/s) at present. I’m proud to announce Geoff as Bitfarms’ new CEO and am assured his expanded management will proceed to deliver success to Bitfarms within the coming years,” he added.
Crypto Mining Firms Struggle
Meanwhile, Bitfarms’ management change comes as many executives are stepping down from their roles resulting from an intensifying bear market that has compelled a number of high crypto corporations, together with miners, into monetary points and even chapter.
Last week, Bitcoin mining large Core Scientific became the primary publicly-traded crypto agency to declare insolvency regardless of receiving a $72 million mortgage supply from one in every of its collectors to keep away from chapter.
In September, crypto mining infrastructure Compute North filed for Chapter 11 chapter within the United States, with the agency proudly owning a minimum of $500 million to a minimum of 200 collectors.
Bitfarms has additionally had its fair proportion of monetary struggles this 12 months. In June, the miner sold virtually half of its bitcoin stash to enhance its liquidity. The firm repaid $27 million of its debt final month to strengthen its stability sheet.