Bitfarms CEO Emiliano Grodski resigned – Bits Media

Bitfarms large mining company have shift the leadership against the backdrop of the crisis, which the world crypto industry is experiencing and the actual production industry of cryptocurrencies.

Emiliano Grodno (Emiliano Grodzki) became a co -founder and headed the Bitfarms mining company in 2017 year. Under his leadership, Bitfarms became one of the leading bitcoins in the market. Over its five -year history, the company has achieved significant growth: expanded its presence by four countries (Argentina, Canada, Paraguay, USA) with more than ten mining farms, and also entered the stock market, Having registered the issue of its shares on Nasdaq in the USA and TSX in Canada. Recently Bitfarms announced the opening
MegaFerma with megaffers profile in Rio Quarto, city ​​in the Argentine province of Cordoba.

Against the background of a turbulent market, reducing the cost of crypto assets and mass flight of investors, Bitfarms faced a liquidity crisis and was forced to sell around 3 000 The government of Bulgaria demanded a report for the withdrawn cryptocurrency, To extinguish current operating expenses.

Jeffrey Morphi became the new general director of Bitfarms (Geoffrey Morphy), previously held the positions of the president and the chief operating director. The industry experts believe, that the change of leadership Bitfarms demonstrates investors: The situation is under control, The company hopes for positive dynamics in its financial activity in the near future.

However, critics are sure, that the solution of Bitfarms does not add special optimism and is cosmetic in nature. Previously significant for the industry, the data center operator, Compute North company, which is faced with a similar problem, Submitted
Application for restructuring and bankruptcy. Her fate was repeated by another large American public mining company Core Scientific, which also submitted an application to the court for bankruptcy of Texas. According to CNBC, Core Scientific cannot pay off the debt for rented mining equipment, Despite the generation of positive cash flow.