Bitfarms CEO fired over lawsuit
Global Bitcoin mining company Bitfarms has announced the dismissal of Geoffrey Morphy as CEO and president. The sudden move came after Morphy filed a lawsuit against the company in the Ontario Superior Court on May 10, 2024, seeking damages for breach of contract, wrongful termination, and up to $27 million in punitive damages.


Source: X
Bitfarms defends its stance
The company quickly responded, saying: "The company believes that these claims are without factual basis and intends to vigorously defend its rights." Immediately after the dismissal of the Bitfarms CEO, the company appointed Nicolas Bonta, chairman and co-founder of Bitfarms, as interim president and CEO. Following the conclusion of the executive search conducted, Bonta will lead the company until Morphy's permanent successor is appointed.
According to the mining company, they plan to identify a new CEO “in the coming weeks.” Bitfarms previously announced plans to find a successor to Morphy, who has been working at the company since 2020, in a statement on March 25, 2024.
Bitfarms expansion and mining operations
Bitfarms is a major Bitcoin miner founded in 2017 with 11 mining facilities in four countries. They manage everything themselves, including electrical engineering, installation, and maintenance, for their vertically integrated mining farms.
Bitfarms prioritizes sustainable energy, using hydroelectric power and long-term contracts. They invested $240 million in upgrading mining equipment before the Bitcoin halving. The goal is to increase the hash rate capacity to 21 exahashes per second.
A legal battle and CEO search come at a critical moment for Bitfarms. Industry watchers are closely watching how Bitfarms handles this leadership change while maintaining its position as a top bitcoin miner.
The bottom line is that the Bitcoin mining industry is changing rapidly, but Bitfarms is determined to succeed. The company’s focus on sustainable mining practices makes it a key player in the future of the industry. In order to escape the leadership crisis that saw the dismissal of Bitfarms’ CEO, the company needs an experienced CEO with a vision. Without a doubt, this appointment could pave the way for the company’s continued growth and success in the dynamic world of cryptocurrency mining.