- Bitfarms Ltd. announced a CEO transition as L. Geoffrey Morphy will be departing upon completion of a search for a replacement
- In a news release, the bitcoin mining company stated that Morphy will lead during the interim
- The company reiterated its 2024 year-end guidance of 21 exahashes per second (EH/s) and 21 watts per terahash (w/TH)
- Shares of Bitfarms opened trading at C$3.14
Bitfarms Ltd. (TSX:BITF) announced a CEO transition as L. Geoffrey Morphy will be departing upon completion of a search for a replacement.
In a news release, the bitcoin mining company stated that Morphy will lead during the interim.
“Bitfarms is evolving to meet the needs of rapidly increasing investor interest in Bitcoin and Bitcoin mining worldwide,” Chairman Nicolas Bonta said in a statement. “Since joining the company in 2020, Morphy modernized Bitfarms management infrastructure and transformed its mining portfolio, leading to significant growth, international diversification, and operating efficiencies. Morphy oversaw the international expansion into the U.S., Paraguay and Argentina, as well as expanding in Québec.”
“I have every confidence that the management team will be successful in achieving our 2024 growth targets,” Morphy added, reiterating the company’s 2024 year-end guidance of 21 exahashes per second (EH/s) and 21 watts per terahash (w/TH).
The company’s board has formed a CEO search committee of independent directors that will act expeditiously with an identified executive search firm.
Founded in 2017, Bitfarms develops, owns, and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centres.
The company has 11 operating bitcoin mining facilities and two under development across Canada, the United States, Paraguay and Argentina.
Shares of Bitfarms opened more than 4 per cent higher at C$3.14.
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