Bitfarms CEO Resigns; COO Takes Over – The Coin Republic



Bitfarms released its official statement on December 29th, 2022 noting that Emiliano Grodzki resigned as CEO and that Geoffrey Morphy will serve as the new CEO.     

Grodzki, however, will remain in the committee of the board of directors of the company and Nicolas Bonta the executive chairman will hold new responsibility and will be chairman of board.    

In a statement, Bonta Said that “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 10 operating farms in four countries driving over 4.4 exahash/second (EH/s) today.” Exahash is the measurement of computing power. 

Since November 2021 crypto industry is under great pressure and all crypto miners are struggling amid the ongoing crypto winter. Increasing energy prices is one of the major reasons which is troubling miners . 

Earlier this month, Core Scientific filed for bankruptcy under chapter 11 bankruptcy code. One of the major crypto mining firms, Compute North was among several other crypto companies that filed for bankruptcy this year. 

Bitfarms is trying to reduce its debt burden to avoid bankruptcy. In November, the mining firm paid $27 million to improve its gaps on the balance sheet.

Bitfarms is among the major mining firms that mine crypto using hydroelectricity and has 10 mining centres in Canada, the U.S, Paraguay and Argentina.

Bitfarms is registered with the Toronto stock exchange and at the time of writing its stock price 0.55 CAD. The stock price of the firm decreased by 91.56% annually.  

In an official announcement, on December 14th, 2022, Bitfarms announced that “it received a written notification from Nasdaq regarding minimum bid price deficiency.” 

The mining firm added that “on December 13th, 2022 it received a written notification (the “Notification Letter”) from the Nasdaq Stock Market LLC (“Nasdaq”) indicating that, for the last thirty consecutive business days, the bid price for the Company’s common shares (the “Shares”) had closed below the minimum US$1.00 per share requirement for continued listing on Nasdaq under Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”).”

Nasdaq has given Bitfarms 180 days—until June 12, 2023—to get its share price back over $1. The exchange will give the company a written notification of compliance if, at any time before the said date, its share price closes at $1 or above for at least ten consecutive days.

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