Crypto miner Bitfarms Ltd. said Chief Executive Officer Emiliano Grodzki has resigned and will be succeeded by current Chief Operating Officer Geoffrey Morphy.
(Bloomberg) — Crypto miner Bitfarms Ltd. said Chief Executive Officer Emiliano Grodzki has resigned and will be succeeded by current Chief Operating Officer Geoffrey Morphy.
The Toronto-based miner is one of the first public companies that started using specialized computers to secure the Bitcoin network and earn rewards in the digital asset. It is among the largest miners with 182-megawatt operating capacity and has mining facilities in the US, Canada, Argentina and Paraguay.
Crypto miners such as Bitfarms have been struggling to stay afloat as the mining industry reckons with a plunge in the digital-asset market. High electricity costs and competition have also weighed on the miners, who took on debt during the last bull run. Bitfarms made an about-face on its holding strategy and sold 3,000 Bitcoin for $62 million in June to boost liquidity. The company held 1,664 Bitcoin in custody on Nov. 30, according to its operational update.
Grodzki will remain a director on the the company’s board. He co-founded Bitfarms in Quebec in 2017 with Nicolas Bonta, who will shift from the role of executive chairman to chairman of the board of directors. Grodzki has been a crucial player in Bitfarms’ strategic development, the company said in a statement Thursday.
Shares of Bitfarms have tumbled more than 90% this year. The price of Bitcoin has slumped around 60% during the same period.
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