Bitfarms Ltd. (NASDAQ: BITF // TSX: BITF), a global Bitcoin
self-mining company, promoted President and Chief Operating Officer
Geoffrey Morphy to the position of President and Chief Executive
Officer effective immediately.
Emiliano Grodzki has resigned as CEO and will
remain a Director on the Board. Co-founder Nicolas Bonta will shift
from the position of Executive Chairman to the role of Chairman of
the Board of Directors.
Mr. Bonta said, “Since joining Bitfarms’
management team in 2020, Geoff has played an instrumental role in
developing the Company’s management team, corporate structure,
governance and controls, and investor relations, as well as
operations and strategy. 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 ten operating
farms in four countries driving over 4.4 exahash/second (EH/s)
today. I am proud to announce Geoff as Bitfarms’ new CEO and am
confident his expanded leadership will continue to bring success to
Bitfarms in the coming years.”
Mr. Grodzki and Mr. Bonta co-founded Bitfarms in
Quebec in 2017 with the vision to create an institutional class
Bitcoin mining Company with a strong focus on corporate governance,
a sustainable business model and an aggressive expansion plan.
Since founding the Company, Mr. Grodzki and Mr. Bonta have served
both as Directors and executives and have been crucial players in
the Company’s strategic development and the Argentina expansion,
which upon full deployment is expected to be Bitfarms’ lowest
operating cost facility. The existing site and contracts also
represent a substantial growth and business opportunity.
“At the time I joined, Bitfarms was already one
of the largest Bitcoin producers with strong operators and uniquely
positioned for growth. The opportunity to capitalize on this solid
foundation to build something great and long-lasting was
undeniable,” said Mr. Morphy. “Since, we have assembled an
accomplished and experienced team responsible for implementing a
geographically diversified growth strategy and have become one of
the most efficient Bitcoin miners in the industry. During my
tenure, we have continued to execute and grow our business through
a Halving event, a bull market, and a bear market. 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. Our foundational work over the last
five years built the strength and depth of skills we needed to
navigate these external factors. As we look at Bitfarms’ path
forward through 2023 and beyond the next Halving event, I am even
more optimistic today about Bitfarms’ long-term prospects than when
I joined the Company back in 2020.”
Geoff Morphy, ICD.DGeoff Morphy
served as a Director of Bitfarms from May 2020 until August 2020
when he joined the executive team as Executive Vice President –
Finance, Administration, and Corporate Development. He was promoted
to President in December 2020 and COO in December 2021. Mr. Morphy
has over 35 years of experience in senior management roles in
private and public companies, banks, and corporate advisory firms.
He sits on the Board of Android Industries, LLC and R&R REIT,
and has previously served on the boards of several private and
publicly traded companies located in North America and Europe,
including Dundee Sustainable Technologies, Nano Spark Inc., Dundee
Sarea Fund, Blue Goose Foods, and the Parq Vancouver Resort &
Casino.
Mr. Morphy has a Bachelor of Commerce in finance
from Dalhousie University. He also earned his ICD.D accreditation
from the Institute of Corporate Directors.
About Bitfarms Ltd.
Founded in 2017, Bitfarms is a global, publicly
traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms
runs vertically integrated mining operations with in-house
management and company-owned electrical engineering, installation
service, and onsite technical repair. The Company’s proprietary
data analytics system delivers best-in-class operational
performance and accelerated uptime.
Bitfarms has 10 mining facilities in production,
which are housed in four countries: Canada, the United States,
Paraguay, and Argentina. Powered by predominantly environmentally
friendly hydro-electric and long-term power contracts, Bitfarms is
committed to using renewable, locally based, and underutilized
energy infrastructure.
To learn more about Bitfarms’ events, developments, and online
communities:
Website: www.bitfarms.comhttps://www.facebook.com/bitfarms/https://twitter.com/Bitfarms_iohttps://www.instagram.com/bitfarms/https://www.linkedin.com/company/bitfarms/
Cautionary Statement
Trading in the securities of the Company should
be considered highly speculative. No stock exchange, securities
commission or other regulatory authority has approved or
disapproved the information contained herein. Neither the Toronto
Stock Exchange, Nasdaq, or any other securities exchange or
regulatory authority accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains certain
“forward-looking information” and “forward-looking statements”
(collectively, “forward-looking information”) that are based on
expectations, estimates and projections as at the date of this news
release and are covered by safe harbors under Canadian and United
States securities laws. The statements and information in this
release regarding changes in executive officers, expectations for
growth, targets, and goals for productive capacity and hashrates
and other future plans and objectives of the Company are
forward-looking information. Other forward-looking information
includes, but is not limited to, information concerning: the
intentions, plans and future actions of the Company, as well as
Bitfarms’ ability to successfully mine digital currency, revenue
increasing as currently anticipated, the ability to profitably
liquidate current and future digital currency inventory, volatility
of network difficulty and digital currency prices and the potential
resulting significant negative impact on the Company’s operations,
the construction and operation of expanded blockchain
infrastructure as currently planned, and the regulatory environment
for cryptocurrency in the applicable jurisdictions.
Any statements that involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but
not always using phrases such as “expects”, or “does not expect”,
“is expected”, “anticipates” or “does not anticipate”, “plans”,
“budget”, “scheduled”, “forecasts”, “estimates”, “believes” or
“intends” or variations of such words and phrases or stating that
certain actions, events or results “may” or “could”, “would”,
“might” or “will” be taken to occur or be achieved) are not
statements of historical fact and may be forward-looking
information and are intended to identify forward-looking
information.
This forward-looking information is based on
assumptions and estimates of management of the Company at the time
they were made, and involves known and unknown risks, uncertainties
and other factors which may cause the actual results, performance,
or achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking information. Such factors include, among
others, risks relating to: the global economic climate; dilution;
the Company’s limited operating history; future capital needs and
uncertainty of additional financing, including the Company’s
ability to utilize the Company’s at-the-market offering (the “ATM
Program”) and the prices at which the Company may sell Common
Shares in the ATM Program, as well as capital market conditions in
general; risks relating to the strategy of maintaining and
increasing Bitcoin holdings and the impact of depreciating Bitcoin
prices on working capital; the competitive nature of the industry;
currency exchange risks; the need for the Company to manage its
planned growth and expansion; the effects of product development
and need for continued technology change; the ability to maintain
reliable and economical sources of power to run its cryptocurrency
mining assets; the impact of energy curtailment or regulatory
changes in the energy regimes in the jurisdictions in which the
Company operates; protection of proprietary rights; the effect of
government regulation and compliance on the Company and the
industry; network security risks; the ability of the Company to
maintain properly working systems; reliance on key personnel;
global economic and financial market deterioration impeding access
to capital or increasing the cost of capital; share dilution
resulting from the ATM Program and from other equity issuances; and
volatile securities markets impacting security pricing unrelated to
operating performance. In addition, particular factors that could
impact future results of the business of Bitfarms include, but are
not limited to: the construction and operation of facilities may
not occur as currently planned, or at all; expansion may not
materialize as currently anticipated, or at all; the digital
currency market; the ability to successfully mine digital currency;
revenue may not increase as currently anticipated, or at all; it
may not be possible to profitably liquidate the current digital
currency inventory, or at all; a decline in digital currency prices
may have a significant negative impact on operations; an increase
in network difficulty may have a significant negative impact on
operations; the volatility of digital currency prices; the
anticipated growth and sustainability of hydroelectricity for the
purposes of cryptocurrency mining in the applicable jurisdictions;
the inability to maintain reliable and economical sources of power
for the Company to operate cryptocurrency mining assets; the risks
of an increase in the Company’s electricity costs, cost of natural
gas, changes in currency exchange rates, energy curtailment or
regulatory changes in the energy regimes in the jurisdictions in
which the Company operates and the adverse impact on the Company’s
profitability; the ability to complete current and future
financings, any regulations or laws that will prevent Bitfarms from
operating its business; historical prices of digital currencies and
the ability to mine digital currencies that will be consistent with
historical prices; an inability to predict and counteract the
effects of COVID-19 on the business of the Company, including but
not limited to the effects of COVID-19 on the price of digital
currencies, capital market conditions, restriction on labour and
international travel and supply chains; and, the adoption or
expansion of any regulation or law that will prevent Bitfarms from
operating its business, or make it more costly to do so. For
further information concerning these and other risks and
uncertainties, refer to the Company’s filings on www.SEDAR.com
(which are also available on the website of the U.S. Securities and
Exchange Commission at www.sec.gov), including the annual
information form for the year-ended December 31, 2021, filed on
March 28, 2022. The Company has also assumed that no significant
events occur outside of Bitfarms’ normal course of business.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
expressed in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on any forward-looking
information. The Company undertakes no obligation to revise or
update any forward-looking information other than as required by
law.
Contacts:
LHA Investor RelationsDavid Barnard+1
415-433-3777Investors@bitfarms.com
Actual Agency Matt Weaver+1
339-234-3332mediarelations@bitfarms.com
Québec Media: Ryan Affaires Publiques Valérie
Pomerleau, Public Affairs and Communicationsvalerie@ryanap.com
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