Emiliano Grodzki, co-founder and CEO of Canadian bitcoin miner Bitfarms (BITF), has resigned, efficient instantly, according to a company statement on Thursday. President and Chief Working Officer Geoffrey Morphy has been promoted as his alternative.
The co-founder of the corporate in 2017 with Nicolas Bonta, Grodzki will stay as a director. Bonta will transfer from govt chairman to chairman of the board.
“In just a little over two years, Geoff helped remodel Bitfarms from a purely Canadian firm buying and selling on the TSX Enterprise Trade with 5 farms in Quebec to a global powerhouse traded on each the Nasdaq and TSX with 10 working farms in 4 nations driving over 4.4 exahash/second (EH/s) at this time,” Bonta mentioned within the assertion. Exahash is a measure of computing energy.
The valuations of bitcoin miners have suffered with excessive power prices and falling bitcoin (BTC) costs. Sentiment within the sector was additional shaken by the bankruptcies of Compute North and Core Scientific (CORZ) and the looming chance of extra corporations submitting for Chapter 11 safety like Greenidge Generation (GREE). Bitfarms hasn’t been spared. Its inventory is down 92% this 12 months, and the corporate has a market cap of simply $85 million.
Bitfarms has been making an attempt to scale back its debt burden to remain afloat. Final month, it paid down $27 million in an effort to enhance its stability sheet.
The corporate, which largely makes use of hydroelectric power to mine bitcoin, has 10 mining facilities positioned in Canada, U.S., Paraguay and Argentina. Its shares have been up 3.5% in premarket buying and selling on Thursday.
Learn extra: Bitfarms Looks to Boost Liquidity With Sale of 1,500 Bitcoin, New Loan