Bitfarms Appoints Ben Gagnon as CEO Amid Takeover Turmoil

  • Sergey Maga
  • 9 July, 2024 05:48
Bitfarms Appoints Ben Gagnon as CEO Amid Takeover Turmoil

Bitcoin mining giant Bitfarms has announced the appointment of Ben Gagnon as its new CEO. Previously serving as chief mining officer, Gagnon steps into the leadership role during a contentious takeover battle with U.S. competitor Riot Platforms, according to Crypto.news.

Chairman Nicolas Bonta highlighted Gagnon’s strategic vision to diversify Bitfarms into new areas like energy generation, heat recycling, and high-performance computing for AI. Edie Hofmeister, Chair of the Independent Search Committee, praised Gagnon’s significant role in Bitfarms’ growth plan, emphasizing his ability to drive value creation.

Riot Platforms, which had attempted to acquire Bitfarms for $950 million, has launched a campaign at www.ABetterBitfarms.com. The site aims to highlight perceived governance issues at Bitfarms and promote Riot’s three independent director nominees.

Despite withdrawing its acquisition offer, Riot has acquired a 14.9% stake in Bitfarms. The failed takeover bid and ongoing boardroom battle underscore the volatility and competitive nature of the cryptocurrency mining sector. Gagnon’s appointment marks a pivotal moment for Bitfarms as it seeks to stabilize and grow amidst industry challenges.

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