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Bitfarms Announces Leadership Change Amid Lawsuit

Bitfarms Announces Leadership Change Amid Lawsuit

Bitfarms, a Toronto-based Bitcoin mining company, has announced a change in leadership following a lawsuit filed by its interim president and CEO, Geoffrey Morphy, against the company seeking $27 million in damages for breach of contract and wrongful termination.

In response, Bitfarms terminated Morphy’s employment immediately and removed him from his roles as president, CEO, and company director.

Nicolas Bonta, Bitfarms’ chairman and co-founder, has stepped in as interim president and CEO while the search for a permanent replacement is ongoing, with an appointment expected in the coming weeks.

Bitfarms acknowledged Morphy’s contributions to the company, particularly his efforts in modernizing management infrastructure, expanding mining operations globally, and overseeing entry into new markets such as the United States, Paraguay, and Argentina, along with strengthening operations in Quebec.

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Despite industry challenges like rising energy costs, increased competition, and the impact of software updates, Bitfarms remains committed to its growth targets for 2024, reflecting confidence in its management team and the future of Bitcoin mining.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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