Bitfarms, a leading Canadian Bitcoin mining company, has announced that Geoffrey Morphy will be taking over as CEO. Morphy, who was previously the president and COO of the company, will be replacing Emiliano Grodzki, who co-founded Bitfarms with partner Nicolas Bonta in 2017. Despite stepping down as CEO, Grodzki will remain a member of the company’s board of directors. Bonta will also be taking on the role of chairman of the board of directors.
The leadership change at Bitfarms comes at a time when the bear market has put financial pressure on many cryptocurrency firms, including miners. In September, crypto mining infrastructure company Compute North filed for Chapter 11 bankruptcy in the United States, with debts totaling at least $500 million to at least 200 creditors. Bitcoin mining giant Core Scientific also recently declared insolvency, despite receiving a $72 million loan offer from one of its creditors to avoid bankruptcy.
Bitfarms itself has also faced financial challenges this year. In June, the company sold almost half of its bitcoin stash in order to improve its liquidity. Last month, it repaid $27 million of its debt in an effort to strengthen its balance sheet. Despite these challenges, Morphy has expressed optimism about the company’s long-term prospects and the strength of its management team reports Nebo Finance.