Bitfarms, a Canadian bitcoin mining company, has announced the departure of its CEO, Emiliano Grodzki, effective immediately.
President and Chief Operating Officer Geoffrey Morphy has been named as his replacement. Grodzki, who co-founded the company in 2017 with Nicolas Bonta, will remain a director on the board. Bonta will become chairman of the board.
Bitfarms has experienced a tough year, with its stock down 92% and a market cap of just $85 million.
The company, which operates mining centers in Canada, the US, Paraguay, and Argentina, has been working to reduce its debt burden and improve its balance sheet.
In a statement, Bonta praised Morphy’s role in transforming the company from a small Canadian operation to an international presence.