By George Ward
Chief executive officer and co-founder of Bitfarms — Emiliano Grodzki, stepped down with immediate effect, according to the report made by the company today. At the same time, the COO and President of the company – Geoffrey Morphy, was promoted to be the new CEO.
Emiliano Grodzki – the co-founder, along with Nicolas Bonta, will become a director in the company, and Bonta will become the new board chairman from being the executive chairman. Nicolas Bonta made a statement concerning Geoffrey.
In his words, “In up to two years, Geoffrey has transformed Bitfarms from a Canadian company with only five farms that traded via TSX Venture to a multi-national powerhouse. We have ten active farms that trade via TSX and Nasdaq in over four nations and are driving more than 4.4 (EH/s) today”.
EH stands for exahash, and it is a computing power measurement. Bitcoin miners’ market value suffered this year as energy costs increased against dropping BTC prices.
Faith in the mining sectors was shaken as miners, CORZ (Core Scientific), and Compute North collapsed, while others, such as GREE (Greenidge Generation), filed for Chapter Eleven protection.
Bitfarms also suffered greatly as its stock has been down by 92% through the year, with its market capitalization at only $85 million. The company has been paying off its debt to survive.
NASDAQ Plans To Delist Bitfarms Due deficiency In Share Price
Bitfarms announced to the public that Nasdaq notified Bitfarms that its shares didn’t meet the minimum requirement of a 1 dollar share price to be listed on Nasdaq last month. The BTC mining company shares dropped to under $1 in October and haven’t risen above that threshold since.
Presently, it exchanges at about $0.5 per share. Nasdaq issued a warning to Bitfarm, giving it an ultimatum to increase its shares to over $1 on or before June 12 of the next year.
If Bitfarm can raise its share value back up for at least ten days before the deadline, Nasdaq will send a compliance notification to Bitfarms. However, Bitfarm clarifies that Nasdaq warnings don’t disturb their listing on the Toronto stock marketplace.
In their words, “The warning from Nasdaq doesn’t have an immediate impact on our listing and company share sales.” A spokesperson from Bitfarm reported that they are confident as a company that their finances will see a turnaround even during the crypto winter.
The spokesperson said, “It is during these times that the strong are separated from the weak. We continue to have faith and are excited about what is coming for Bitfarm, and we look forward to a great future as it concerns Bitcoin and other cryptos.