• Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, resigned
• Geoffrey Morphy has taken over the CEO position
• Bitfarms has recorded back-to-back losses in the last two quarters due to the bear market
The Canadian Bitcoin mining company Bitfarms has recently gone through a change in leadership due to the current bear market. On Dec. 29, the company released a press release announcing the resignation of Emiliano Grodzki, co-founder and CEO of Bitfarms. Grodzki will remain as a director, while his co-founder Nicolas Bonta has been appointed as board chairman.
Taking Grodzki’s place as the new CEO is Geoffrey Morphy, the company’s President and Chief Operating Officer. Morphy expressed confidence in his new role, noting the importance of operating efficiency, cost controls, corporate governance and a diversified portfolio of underutilized energy sources in order to succeed in the current market.
The bear market has certainly taken its toll on Bitfarms, with the company recording back-to-back losses in the last two quarters. In Q3, 2022 alone, the company reported an $85 million net loss, compared with $142 million in the same period last year. The daily revenue of Bitcoin miners has also dropped to record lows, with Bitfarms among those affected.
As the company moves forward under new leadership, it remains to be seen how this change in management will affect the company’s performance. Despite the current bear market, Morphy is optimistic about the future of Bitfarms, citing the importance of cost controls and corporate governance in the long run. It will be interesting to see what the future holds for Bitfarms under Morphy’s leadership.