Geoffrey Morphy will continue to lead the Toronto-headquartered Bitcoin miner while a committee searches for a new CEO. Morphy will depart once the company finds a successful candidate. (The Logic)

Talking point: Asked why the company is replacing its CEO and what Morphy’s plans are post-transition, Bitfarms spokesperson Stephanie Wargo said in an email that it “is committed to expanding our business and taking advantage of opportunities that we anticipate to become available after the halving,” an upcoming event that will cut the rewards Bitcoin miners earn in half and usually precedes a bull run. Morphy took the top job at Bitfarms in December 2022, in the depths of the crypto winter immediately following the collapse of Bahamas-based crypto giant FTX. Under Morphy’s leadership, Bitfarms has mounted a partial recovery. The company’s stock returned an eye-popping 564 per cent in 2023, beating competitors handily amid a market recovery. It’s still worth less than a third of its value at its peak in November 2021.