Emiliano Grodzki, co-founder and chief executive officer of Canadian Bitcoin mining business Bitfarms, resigned on December 29, according to a press statement.
In 2017, Emiliano Grodzki and Nicolas Bonta established the mining firm. As stated, Grodzki will continue to serve as a director, while Bonta will assume the role of board chairman. As a result of Grodzki’s departure, President and Chief Operating Officer Geoffrey Morphy has been promoted to CEO.
“Challenging times are exactly why our concentration on operational efficiency, cost management, corporate governance, and a broad portfolio of underused energy sources is so crucial and positions us for success in any scenario,” said Morphy.
The bear market has had a negative impact on Bitcoin miners, whose daily earnings have fallen to record lows. Bitfarms has suffered consecutive quarterly losses over the last two quarters as a result of the present market environment.
The company’s net loss for the third quarter of 2022 was $85 million, compared to $142 million for the second quarter. Additionally, the company has been attempting to reduce its debt; in November of last year, it paid down $27 million. Since January, Bitfarm’s stock (BITF) has lost more than 90% of its value.
Other mining companies, such as Compute North and Core Scientific, who have previously filed for bankruptcy, are also suffering.