Bitfarm's COO Geoffrey Morphy promoted to CEO

Quick Take

  • Geoffrey Morphy, Bitfarm’s former COO, has become the bitcoin mining firm’s new CEO.
  • Morphy will remain as president of the firm.

Bitcoin mining firm Bitfarm promoted Geoffrey Morphy to the position of CEO after Emiliano Grodzki resigned from the post.

Morphy, who previously served as chief operating officer, will also remain as president of the firm, the company said in a statement. Grodzki will stay on as a director on the board, and Nicolas Bonta will shift from executive chairman to the role of chairman of the  board.

Grodzki and Bonta founded the Quebec-based firm in 2017. 

"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," Morphy said in the statement.

The firm, which reported increasing mining earlier in the year, in December announced that it was selling off its Canadian de la Pointe location at a profit of $3.6 million.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.