What Happened?

• • Geoffrey Morphy filed a lawsuit against Bitfarms, the cryptocurrency mining firm, for $27 million in damages.
• • Following the lawsuit, Morphy stepped down as President and CEO of Bitfarms.
• • Bitfarms terminated Morphy's position immediately, despite previous plans for him to continue until a replacement was found.
  
  

Lawsuit Details

• • Morphy filed the lawsuit on May 10 in the Superior Court of Ontario, alleging breach of contract, wrongful dismissal, and aggravated and punitive damages.
• • Bitfarms maintains that the claims are baseless and intends to defend itself vigorously.
  
  

Interim Leadership

• • Nicolas Bonta, Co-Founder and Chairman of Bitfarms, has been appointed interim President and CEO.
• • Bonta will lead the company until a permanent replacement for Morphy is appointed.
  
  

Future Plans

• • Bitfarms announced plans to appoint a new CEO in the next several weeks.
• • The company is undergoing an executive search process to find Morphy's successor.
  
  

Bitfarms Overview

• • Founded in 2017, Bitfarms operates 11 Bitcoin mining facilities across the United States, Canada, Paraguay, and Argentina.
• • The firm plans to invest $240 million in upgrading its mining equipment to potentially increase its hash rate capacity to 21 exahashes per second.
• • In April, Bitfarms reported earning 269 BTC in mining rewards and transaction fees.
  
  

FAQ

What led to Geoffrey Morphy's lawsuit against Bitfarms?

Morphy filed the lawsuit alleging breach of contract, wrongful dismissal, and damages against Bitfarms.

Who is serving as interim President and CEO of Bitfarms?

Nicolas Bonta, Co-Founder and Chairman of Bitfarms, has been appointed as interim President and CEO.

What are Bitfarms' plans for appointing a new CEO?

Bitfarms aims to appoint a new CEO in the next several weeks and is currently undergoing an executive search process.