Bitfarms Closes Out 2022 With Management Shake-Up

Bitfarms (TSX: BITF) is undergoing an end-of-year management shakeup of sorts. The firm has slightly rejigged its executive team, which includes the resignation of the firms CEO and co-founder, Emiliano Grodzki.

Grodzki, whom co-founded the company along with Nicolas Bonta in 2017, will be moving to a director-only role with the company, while President and Chief Operating Officer Geoffrey Morphy will be taking on the CEO role, and remaining as company president. Morphy originally began his tenure with Bitfarms in May 2020, when he joined the firm as a director, before taking on the role of Executive VP of Finance, Administration, and Corporate Development. He then subsequently was promoted to the role of President in December 2020, and COO in December 2021.

Bonta meanwhile will change his title from Executive Chairman to Chairman of the Board of Directors.

READ: By The Numbers: Bitcoin Miners Are Burning Cash On Each Coin Mined

A reason for the shake-up was not provided, with the announcement focused largely on the success Morphy has seen during his tenure with the firm.

“The last six months have been demanding for all Bitcoin miners. Yet 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,” commented Morphy on his appointment.

The shake-up follows the firm selling its de la Pointe property in Quebec earlier this month for US$3.6 million in net proceeds.

Bitfarms last traded at $0.53 on the TSX.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply