Emiliano Grodzki, co-founder and CEO of Canadian bitcoin mining company Bitfarms, has resigned. Press release December 29th.
Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017. As reported, Grodzki will remain on the board and Bonta will become chairman of the board. With Grodzki’s resignation, his president and chief operating officer, Geoffrey Morphy, was promoted to his CEO position.
#bitfarm Promote Jeffrey Morphy to Chief Executive Officer
Bitfarms Promotes President and Chief Operating Officer Geoffrey Morphy to President and Chief Executive Officer.
🔗 Details: https://t.co/xCcIUHluis pic.twitter.com/JOZ5iUNj2d
— Bitfarms (@Bitfarms_io) December 29, 2022
“In these challenging times, our focus on operational efficiency, cost control, corporate governance and a diversified portfolio of underutilized energy sources is critical, positioning us for success in any environment. You can,” Morphy said.
The bear market is hurting bitcoin miners, whose daily earnings are Dropped record the lowest price. Bitfarms has not escaped the current market conditions as the company has posted consecutive losses in the past two quarters.
The company $85 million net loss Q3 2022 was $142 million in Q2. In addition, the company is working to reduce its debt burden. Last November, the company paid $27 million. Bitfarm shares (BITF) are lost more than 90% of value since January.
Other mining companies that have already filed for bankruptcy are also struggling, like Compute North and Core Scientific.