Bitfarms CEO resigns from his position

Emiliano Grodzki stepped down from the role of Bitfarms CEO.

Bitfarms Ltd. (BITF) is one of the world’s big Bitcoin mining companies. This company operates a hash rate representing approximately 2% of the global Bitcoin network, which is itself a very big thing for this company as a Bitcoin network supporter. In the past 5-6 months, the majority of the Bitcoin mining companies faced a significant downfall in terms of revenue because of the downfall in the price of Bitcoin as a usual market winter phase.

Recently Emiliano Grodzki announced that he stepped down from the CEO role but confirmed that he will remain in the company as a new Chairman of the Board of Directors, moving from the position of Executive Chairman. Initially, he co-founded Bitfarms in Canada in 2017 with his partner Nicolas Bonta. 

Now, Bitfarms has promoted Geoffrey Morphy from the president and chief operating officer (COO) role to CEO. So now the new boss of Bitfarms is Morphy.

“Our foundational work over the last years built the strength and depth of skills we needed to navigate external factors. I’m even more optimistic today about Bitfarms’ long-term prospects than when I joined the company back in 2020.” – new CEO Morphy said.

The company stated that Morphy joined Bitfarms around two years ago but he contributed greatly to the company’s management team, corporate structure, governance and control, investor relations, and operations and strategy. In short, Morphy contributed hugely in a short period and probably he may work as a CEO perfectly for this company. 

It is worth noting that many executives from big Crypto companies stepped down from their positions because of the significant downfall in the Crypto sector. In 2022, many crypto companies collapsed & filed for bankruptcy. The latest bankruptcy was filed by FTX, Alameda Research, BlockFi, Global Genesis Trading like companies.

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