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According to a company statement, Emiliano Grodzki has resigned as CEO of Canadian bitcoin miner Bitfarms.
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Geoffrey Morphy, President of and Chief Operating Officer, has been promoted to his place.
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Grodzki, who co-founded the company with Nicolas Bonta in 2017, will continue to be a director.
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Bonta will be promoted to executive chairman and become chairman of the board.
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Bonta stated that Bitfarms was transformed from a Canadian company trading on TSX Venture Exchange,
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With five farms in Quebec, to an international powerhouse trading on Nasdaq Venture Exchange and TSX.
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Bitfarms now has ten farms operating in four countries, driving over 4.4 exahash/second today. Exahash refers to computing power.
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Due to rising energy costs and falling bitcoin prices, the valuations of bitcoin miners have been affected.
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The company's stock has fallen 92% in the past year, and its market cap is just $ 85 million.
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Bitfarms has been working to reduce its debt burden to remain afloat.
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Bitfarms paid $27 million last month to improve its balance sheet.