Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, has resigned, according to a press release on Dec. 29.
Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017. As reported, Grodzki will remain as a director, whereas Bonta will become board chairman. Following Grodzki’s resignation, President and Chief Operating Officer Geoffrey Morphy has been elevated to the CEO position.
#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
“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 adversely affected Bitcoin miners, whose daily revenue has dropped to record lows. Bitfarms hasn’t been spared by the current market situation, as the company has recorded back-to-back losses in the last two quarters.
The company reported an $85 million net loss for Q3, 2022, compared with $142 million for Q2. Additionally, the firm has been working on reducing its debt load; last November, it paid down $27 million. Bitfarm’s stock (BITF) has lost more than 90% of its value since January.
Other mining firms are also struggling, like Compute North and Core Scientific, which have already filed for bankruptcy.