As Emiliano Grodzki stepped down as CEO, Bitfarms, a global Bitcoin self-mining company, yesterday said it has appointed COO Geoffrey Morphy as CEO of Grodzki.
However, the Bitcoin mining company announced that the board will continue to have Grodzki as director. Nicolas Bonta, co-founder, will also assume the role of Chairman of the Board of Directors, replacing his current role as Executive Chairman.

In 2017, Grodzki and Bonta co-founded the company in Quebec, with the intention of establishing an organization of the highest caliber for Bitcoin mining. Since then, both have held managerial and executive positions and "have been key players in the strategic development of the company".

In announcing Geoff as the new CEO of Bitfarms, Bonta expressed his joy and confidence that Geoff's growing leadership will sustain the company's success. According to Bonta, Geoff is responsible for growing Bitfarms from a Canadian company listed on the TSX Venture Exchange with five farms in Quebec to a global powerhouse with 10 active farms in four countries and a billion The current EH/sec rate is over 4.4.

“By the time I joined Bitfarms was already one of the biggest Bitcoin producers,” said Morphy. He added that through the halving, bull Market, and bear market, they have managed to stay afloat and grow the business during his tenure.
He went on to say that all Bitcoin miners had a rough six months:

However, tough times are exactly why it's important for us to focus on operational efficiency, cost control, corporate governance, and a diverse portfolio of underutilized energy sources. is so important and helps us achieve success in any environment.

Bitcoin Miners Are Struggling
High energy costs and falling Bitcoin prices have affected the value of Bitcoin miners. The bankruptcy of famous Bitcoin miners like Core Scientific further shook the sentiment of the industry. Not surprisingly, Bitfarms was also affected; Its market valuation is less than $85 million, and its stock is down 92% this year. To survive, Bitfarms has been struggling to pay off debt and paid $27 million last month to improve its financial position.

Also, about two weeks ago, the company received a notice from Nasdaq. Because the purchase price of the company's common stock closed below the $1 per share minimum requirement for continued listing on Nasdaq for the past thirty consecutive business days.
However, the company has been given an extension of 180 days or until June 12, 2023 to re-compliance with Nasdaq listing rules. Related reading | Turkish CBDC:
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