- Bitfarms (BITF) has announced the promotion of President and COO Geoffrey Morphy to the position of President and CEO, effective immediately
- Mr. Morphy has over 35 years of experience in senior management roles in private and public companies, banks, and corporate advisory firms
- Mr. Morphy has a Bachelor of Commerce in finance from Dalhousie University and earned his ICD.D accreditation from the Institute of Corporate Directors
- Bitfarms is a global Bitcoin mining company with facilities in Quebec, Washington and Paraguay
- Bitfarms Ltd. (BITF) opened trading at C$0.4007
Bitfarms (BITF) has announced the promotion of President and COO Geoffrey Morphy to the position of President and CEO, effective immediately.
Emiliano Grodzki has resigned as CEO and will remain a Director on the Board.
Company co-founder Nicolas Bonta commented on the news.
“Since joining Bitfarms’ management team in 2020, Geoff has played an instrumental role in developing the Company’s management team, corporate structure, governance and controls, and investor relations, as well as operations and strategy. In a little over two years, Geoff helped transform Bitfarms from a purely Canadian company trading on the TSX Venture Exchange with five farms in Quebec to an international powerhouse traded on both the Nasdaq and TSX with ten operating farms in four countries driving over 4.4 exahash/second (EH/s) today. I am proud to announce Geoff as Bitfarms’ new CEO and am confident his expanded leadership will continue to bring success to Bitfarms in the coming years.”
Mr. Grodzki and Mr. Bonta co-founded Bitfarms in Quebec in 2017. Since founding the company, Mr. Grodzki and Mr. Bonta have served as directors and executives. They have been crucial in the company’s strategic development and the Argentina expansion, which is expected to be Bitfarms’ lowest operating cost facility.
“At the time I joined, Bitfarms was already one of the largest Bitcoin producers with strong operators and uniquely positioned for growth. The opportunity to capitalize on this solid foundation to build something great and long-lasting was undeniable,” said Mr. Morphy.
“Since, we have assembled an accomplished and experienced team responsible for implementing a geographically diversified growth strategy and have become one of the most efficient Bitcoin miners in the industry. During my tenure, we have continued to execute and grow our business through a Halving event, a bull market, and a bear market. The last six months have been demanding for all Bitcoin miners. Yet 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. Our foundational work over the last five years built the strength and depth of skills needed to navigate these external factors. As we look at Bitfarms’ path forward through 2023 and beyond the next Halving event, I am even more optimistic today about Bitfarms’ long-term prospects than when I joined the company in 2020.”
Geoff Morphy served as a Director of Bitfarms from May 2020 until August 2020, when he joined the executive team as Executive Vice President – Finance, Administration, and Corporate Development. He was promoted to President in December 2020 and COO in December 2021.
Mr. Morphy has over 35 years of experience in senior management roles in private and public companies, banks, and corporate advisory firms. He sits on the Board of Android Industries, LLC and R&R REIT and has previously served on the boards of several private and publicly traded companies located in North America and Europe, including Dundee Sustainable Technologies, Nano Spark Inc., Dundee Sarea Fund, Blue Goose Foods, and the Parq Vancouver Resort & Casino.
Mr. Morphy has a Bachelor of Commerce in finance from Dalhousie University. He also earned his ICD.D accreditation from the Institute of Corporate Directors.
Bitfarms is a global Bitcoin mining company with facilities in Quebec, Washington and Paraguay.
Bitfarms Ltd. (BITF) opened trading at C$0.4007.