Bitcoin (CRYPTO: BTC) mining company Bitfarms (NASDAQ:BITF) on Thursday announced the promotion of Geoffrey Morphy to the position of president and chief executive officer, effective immediately.

Morphy, who previously served as president and chief operating officer, has been instrumental in the company's growth and development since joining the management team in 2020.

He has helped to transform Bitfarms from a Canadian company with five farms in Quebec to an international powerhouse with 10 operating farms in four countries, according to a statement issued on Monday.

The company is listed on the Nasdaq and the TSX and generates over 4.4 exahash per second.

In his new role as CEO, Morphy will be responsible for overseeing the company's operations and strategy, as well as its management team, corporate structure, governance and investor relations.

Emiliano Grodzki, who co-founded Bitfarms in 2017 with Nicolas Bonta, has resigned as CEO but will remain a director on the board.

Bonta, who previously served as executive chairman, will now take on the role of chairman of the board of directors.

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Since its inception, Grodzki and Bonta have played key roles in the company's strategic development and expansion, including establishing a facility in Argentina, which is expected to become Bitfarms' lowest operating cost facility upon full deployment.

“During my tenure, we have continued to execute and grow our business through a Halving event, a bull market, and a bear market,” Morphy said.

Challenging Times For The Industry

“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,” he added.

Bitcoin mining companies are facing challenges due to the high cost of energy and declining prices of the largest digital currency.

Bitfarms has not been immune to these challenges, with its stock down 92% this year and a market capitalization of just about $85 million.

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