In a surprising move, Geoffrey Morphy has resigned as President and CEO of Bitfarms, a major player in the cryptocurrency mining industry, effective immediately. This abrupt departure follows Morphy's legal actions against the company, spotlighting internal strife within the Canadian-based firm.

On May 10, Morphy initiated a lawsuit in the Superior Court of Ontario, demanding $27 million in damages for alleged breaches of contract, wrongful dismissal, and other grievances. In response, Bitfarms terminated his employment before their initial plan to keep him in office until a suitable successor was found. The company has firmly stated that Morphy's claims are baseless and has vowed to defend itself vigorously against these accusations.

Nicolas Bonta, the Chairman and Co-Founder of Bitfarms, has temporarily taken over the CEO role. The company is actively searching for Morphy's permanent replacement and expects to announce a new CEO within the coming weeks. Morphy, who had been with Bitfarms since 2020, did not comment on the situation.

Bitfarms, established in 2017, operates 11 Bitcoin mining sites across the United States, Canada, Paraguay, and Argentina. Despite the current legal turmoil, the company continues its expansion plans, including a $240 million investment to upgrade its mining infrastructure following the recent Bitcoin halving event. This investment aims to significantly boost its computational power to 21 exahashes per second.

The company, which harvested 269 BTC in mining rewards and transaction fees in April alone, is slated to release its first-quarter earnings for 2024 on May 15. Since late March, Bitfarms' stock has experienced a nearly 30% decline, reflecting investor concerns amidst these challenges. As the scenario unfolds, the crypto community and investors are keenly watching Bitfarms, waiting to see how the company navigates through these turbulent times.