Bitfarms CEO Emiliano Grodzki resigns in the middle of industry fights

Bitfarms CEO Emiliano Grodzki resigns in the middle of industry fights

Emiliano Grodzki has resigned as CEO of the leading Bitcoin mining company Bitfarms and joins a long list of crypto managers that have resigned from their positions this year.

The mining company appointed Geoffrey Morphy to his new CEO and promoted him from his role as President and Chief Operating Officer (COO).

"Our basic work in recent years has built up the strength and depth of the skills that we needed to deal with external factors. I am even more optimistic about the long -term prospects of Bitfarms than I entered the company in 2020." - said Morphy.

Grodzki remains the board member

Grodzki and his partner Nicolas Bonta founded Bitfarms in Canada in 2017. Although Grodzki will no longer act as CEO, he remains the company as a director on the board.

bonta will also act as the new chairman of the company and change the position of the executive chairman.

Bonta commented Morphy's new position and noted that the new CEO has played an important role in the development of the management team, the corporate structure, corporate management and control, the investor relations, business and strategy two years ago.

"In a little more than two years, Geoff contributed to making Bitfarms from a purely Canadian company that is traded on the TSX venture Exchange with five farms in Quebec, an international power package that is traded on both NASDAQ and TSX with ten farms in four countries that scored over 4.4 exahash /Second (eh/s) I am proud to announce Geoff from Bitfarms, and I am confident that his extended leadership will continue to lead to success in the coming years, ”he added.

crypto mining companies fight

In the meantime, the change of management will come to Bitfarms, since many managers due to a intensifying baisse who forced several top crypto companies, including miners, in financial problems and even bankrupt

Last week the Bitcoin mining giant Core Scientific was the first listed crypto company to register bankruptcy, even though she had received a loan offer of $ 72 million from one of her creditors to avoid bankruptcy.

In September the crypto mining infrastructure Compute North reported bankruptcy in the United States in accordance with Chapter 11, whereby the company owned at least $ 500 million to at least

Bitfarms also had its fair share of financial fights this year. In June, the miner sold almost half of his Bitcoin stock to improve his liquidity. The company repaid $ 27 million of its debts last month to strengthen its balance sheet.

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