{"id":285096,"date":"2022-12-30T04:00:00","date_gmt":"2022-12-30T04:00:00","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=285096"},"modified":"2023-08-15T16:20:59","modified_gmt":"2023-08-15T15:20:59","slug":"bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns\/","title":{"rendered":"Bitcoin Mining farm Bitfarms co-founder and CEO Emiliano Grodzki resigns"},"content":{"rendered":"<p>Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, has resigned, according to a <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/12\/29\/2580596\/0\/en\/Bitfarms-Promotes-Geoffrey-Morphy-to-Chief-Executive-Officer.html\">press release<\/a> on Dec. 29.<\/p>\n<p>Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017. As reported, Grodzki will remain as a director, whereas Bonta will become board chairman. Following Grodzki\u2019s resignation, President and Chief Operating Officer Geoffrey Morphy has been elevated to the CEO position.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitfarms?src=hash&ref_src=twsrc%5Etfw\">#Bitfarms<\/a> Promotes Geoffrey Morphy to Chief Executive Officer<\/p>\n<p>Bitfarms promoted President and Chief Operating Officer Geoffrey Morphy to the position of President and Chief Executive Officer effective immediately.<\/p>\n<p>\ud83d\udd17 More Info: <a href=\"https:\/\/t.co\/xCcIUHluis\">https:\/\/t.co\/xCcIUHluis<\/a> <a href=\"https:\/\/t.co\/JOZ5iUNj2d\">pic.twitter.com\/JOZ5iUNj2d<\/a><\/p>\n<p>&mdash; Bitfarms (@Bitfarms_io) <a href=\"https:\/\/twitter.com\/Bitfarms_io\/status\/1608471828414201861?ref_src=twsrc%5Etfw\">December 29, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p>&#8220;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,&#8221; Morphy said.<\/p><\/blockquote>\n<p>The bear market has adversely affected Bitcoin miners, whose daily revenue has <a href=\"https:\/\/www.blockchain.com\/explorer\/charts\/miners-revenue\">dropped<\/a> to record lows. Bitfarms hasn't been spared by the current market situation, as the company has recorded back-to-back losses in the last two quarters.<\/p>\n<p>The company reported an <a href=\"https:\/\/www.globenewswire.com\/en\/news-release\/2022\/11\/14\/2554793\/0\/en\/Bitfarms-Reports-Third-Quarter-2022-Results-with-Positive-Adjusted-EBITDA-of-10-million.html\">$85 million net loss<\/a> for Q3, 2022, compared with $142 million for Q2.\u00a0 Additionally, the firm has been working on reducing its debt load; last November, it paid down $27 million. Bitfarm's stock (BITF) has <a href=\"https:\/\/in.tradingview.com\/symbols\/NASDAQ-BITF\/\">lost more than 90%<\/a> of its value since January.<\/p>\n<p>Other mining firms are also struggling, like <a href=\"https:\/\/cryptoslate.com\/bitcoin-mining-firm-compute-north-files-for-bankruptcy-ceo-resigns\/\">Compute North<\/a> and <a href=\"https:\/\/cryptoslate.com\/bitcoin-miner-core-scientific-files-for-bankruptcy-has-over-1b-in-liabilities\/\">Core Scientific<\/a>, which have already filed for bankruptcy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Emiliano Grodzki, co-founder and CEO of Canadian Bitcoin mining company Bitfarms, has resigned, according to a press release on Dec. 29. Emiliano Grodzki and Nicolas Bonta founded the mining company in 2017. As reported, Grodzki will remain as a director, whereas Bonta will become board chairman. Following Grodzki\u2019s resignation, President and Chief Operating Officer Geoffrey [&hellip;]<\/p>\n","protected":false},"author":1393,"featured_media":350163,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77873,2376],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Mining farm Bitfarms co-founder and CEO Emiliano Grodzki resigns<\/title>\n<meta name=\"description\" content=\"The CEO position has been taken over by Bitfarms President and Chief Operating Officer, Geoffrey Morphy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Mining farm Bitfarms co-founder and CEO Emiliano Grodzki resigns\" \/>\n<meta property=\"og:description\" content=\"The CEO position has been taken over by Bitfarms President and Chief Operating Officer, Geoffrey Morphy\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-12-30T04:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-15T15:20:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/12\/bitfarms.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Soumen Datta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Soumen Datta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-mining-farm-bitfarms-co-founder-and-ceo-emiliano-grodzki-resigns\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#person\",\"name\":\"Soumen Datta\",\"url\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/soumen-datta\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/10\/cs-soumen.jpg\",\"caption\":\"Soumen Datta\"},\"jobTitle\":\"Journalist\",\"description\":\"Soumen is a dedicated researcher and writer in the field of cryptocurrencies, DeFi, NFTs, and GameFi projects. 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