2024-03-25 10:29 ET - News Release
Mr. Geoffrey Morphy reports
BITFARMS ANNOUNCES CEO TRANSITION
Bitfarms Ltd. will conduct a chief executive officer transition. L. Geoffrey Morphy, president, chief executive officer and director, will be departing upon completion of an executive search and will lead the company during the interim. Mr. Morphy will continue to focus on the company's corporate growth strategy, ensuring execution toward its growth targets and a smooth transition of leadership. The board has formed a CEO search committee of independent directors that will act expeditiously with an identified executive search firm.
"Bitfarms is evolving to meet the needs of rapidly increasing investor interest in bitcoin and bitcoin mining worldwide," said chairman Nicolas Bonta. "We are committed to expanding our business to drive greater returns and maximize shareholder value. There is a huge opportunity in front of us and we are committed to moving forward with a seamless transition while executing on our strategic goals."
Mr. Bonta continued: "We thank Geoff for his leadership, commitment to strong governance and dedication to expanding the company's operations. Since joining the company in 2020, Morphy modernized Bitfarms management infrastructure and transformed its mining portfolio, leading to significant growth, international diversification and operating efficiencies. Morphy oversaw the international expansion into the U.S., Paraguay and Argentina, as well as expanding in Quebec. Morphy has been an integral part of the company's success, and it is due to his stewardship that the company is now opportunely poised for this CEO transition. We are confident in the strength of our management team and the dedication of our employees to continue to drive Bitfarms to be the top performer in the industry."
"It has been the greatest privilege of my career to serve Bitfarms, our shareholders and our employees. I am extremely proud of what we've accomplished as a team," said Mr. Morphy. "Together, we expanded our operations and strengthened our balance sheet, positioning us to embark on the greatest growth in our history. I have every confidence that the management team will be successful in achieving our 2024 growth targets."
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global bitcoin mining company that contributes its computational power to one or more mining pools from which it receives payment in bitcoin. Bitfarms develops, owns and operates vertically integrated mining farms with in-house management and company-owned electrical engineering, installation service, and multiple on-site technical repair centres. The company's proprietary data analytics system delivers best-in-class operational performance and uptime.
Bitfarms currently has 11 operating bitcoin mining facilities and two under development situated in four countries: Canada, the United States, Paraguay and Argentina. Powered predominantly by environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.