Key Points
- Bitcoin mining company Bitfarms has appointed Ben Gagnon as its new CEO.
- The appointment comes amid a takeover battle with U.S. rival, Riot Platforms.
Ben Gagnon, who previously served as the chief mining officer, has been promoted to the position of CEO at Bitfarms, a leading Bitcoin mining company.
This change in leadership was announced on Monday by Bitfarms amidst a contentious takeover attempt by U.S. competitor, Riot Platforms.
Gagnon’s New Role
Nicolas Bonta, Bitfarms’ Chairman of the Board of Directors, stated that Gagnon will focus on expanding and diversifying the company’s operations. His responsibilities will include venturing into new areas such as energy generation, heat recycling, energy trading, and high-performance computing for artificial intelligence.
Edie Hofmeister, Chair of the Independent Search Committee of the Board of Directors at Bitfarms, praised Gagnon’s past contributions. She stated that during his tenure as chief mining officer, Gagnon significantly contributed to Bitfarms’ growth strategy, positioning the company for significant value creation.
Riot Platforms’ Response
In response to this appointment, Riot Platforms, the U.S.-based Bitcoin company attempting to acquire Bitfarms, launched a new website named “ABetterBitfarms”. The website aims to inform shareholders about Bitfarms’ alleged corporate governance issues, the need for urgent board change, and Riot’s three highly qualified, independent director nominees.
Riot Platforms had previously offered $950 million to acquire Bitfarms, a company based in Toronto. However, the Colorado-based company later retracted its acquisition proposal, stating that it was impossible to engage with the current Bitfarms board on a potential merger.
