Bitfarms Fires Interim CEO After Lawsuit

2024-05-13 03:32:06

(MENAFN- eTrendy Stock) On May 10, Geoffrey Morphy, now the former CEO of Bitfarms, filed a $27 million lawsuit against the company, claiming“breach of contract, wrongful dismissal, and aggravated and punitive damages.” This comes after Bitfarms announced that it was searching for a replacement for Geoffrey Morphy, who had served the company since 2020.

Fast forward to May 13, Bloomberg reported that Bitfarms had parted ways with Geoffrey Morphy and Nicolas Bonta, Bitfarms's chairman and co-founder, just a few months after stepping in as the company's interim president and CEO.

Bitfarms' Stock Plummets By 29%

Bitfarms operates 11 mining facilities across the United States, Canada, Paraguay, and Argentina. After the BTC halving event, the company revealed plans to invest around $240 million to upgrade its mining equipment. This upgrade aims to boost its hash rate capacity to 21 exahashes per second.

Bitfarms earned a significant 269 BTC in mining rewards and transaction fees in April alone. Investors await the company's first-quarter earnings report, scheduled for release on May 15. Meanwhile, Bitfarms' stock (BITF) is trading at $1.61 on the Nasdaq exchange, signaling a 29% decline since March 25.

Bitfarms Boosts BTC Mining Hashrate to 7 EH/s

In April, Bitfarms completed the upgrade of its Bitcoin mining facilities, taking its total hash rate to 7 EH/s. The upgrades, finalized on April 12, involved installing over 5,000 T21 miners across two locations in Québec, Canada. Expressly, 3,168 T21 devices were set up at the Garlock facility, while the Farnham site received 1,710 T21s and 100 M53S+ hydro miners. These enhancements resulted in a remarkable 51% increase in energy efficiency.

On the other hand, Marathon Digital Holdings experienced notable developments in the cryptocurrency mining industry. The company reported mining 850 BTC during the month, marking a significant 21% increase compared to last year.

However, despite the year-over-year improvement, mined BTC decreased slightly compared to the previous month, with a 5% dip from March.

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