Bitfarms limited CEO Promotion Signals New Era of Growth and Expansion for Bitcoin Mining
- Shams ul Zoha
- December 29, 2022
- 9:50 pm
WHAT YOU SHOULD KNOW
- Geoffrey Morphy has assumed the role of Chief Executive Officer (CEO) as Emiliano Grodzki relinquishes his post.
- Bitfarms declares its emphasis is on operating effectiveness and cost regulation.
Bitfarms limited has announced the promotion of Geoffrey Morphy to the role of president and CEO. Morphy has been with the company since 2020, serving as president and chief operating officer. He succeeds Wes Fulford, who has left his position as president and CEO. Morphy is credited with contributing to the company’s growth and development.
Under his leadership, Bitfarms limited has grown from a Canadian company with five farms in Quebec to an international powerhouse with 10 operating farms in four countries.
The company, which is listed on the Nasdaq and the TSX, is now generating over 4.4 exahash per second. As CEO, Morphy will look at the company’s major departments, such as the management team, governance, and investor communications.
Previously under Jonathan Bonta, Bitfarms limited’ executive chairman, the company had seen significant growth and development since its inception. Bonta will now take on the role of chairman of the board of directors.
CEO Fred Morphy commented on the transition that he is proud of the progress and is confident that the team will continue to execute the vision. He further stated that the last six months had been demanding for all Bitcoin miners. The challenging times were precisely why an emphasis on operating proficiency, cost regulation, corporate administration, and a varied selection of under-utilized energy sources was necessary.
Bitfarms has been hit hard by the high cost of energy and declining prices of the largest digital currency. The company’s stock has dropped 92% this year, leaving it with a market cap of only $85 million.
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