Bitfarms Ltd. 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. 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. Geoff 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.