Riot Launches Campaign for Board Overhaul at Bitfarms

  • Sergey Maga
  • 8 July, 2024 19:28
Riot Launches Campaign for Board Overhaul at Bitfarms

Riot Platforms, Inc. has launched a website, www.ABetterBitfarms.com, to support its campaign to overhaul the board of directors at Bitfarms Ltd. This move follows Riot’s nomination of three candidates—John Delaney, Amy Freedman, and Ralph Goehring—for election to the Bitfarms board. Riot is pushing for the removal of current Bitfarms Chairman Nicolas Bonta and directors Andrés Finkielsztain and Fanny Philip, who recently replaced Emiliano Grodzki after his resignation, according to Riotplatforms.

Riot’s campaign highlights the need for fresh perspectives and improved corporate governance at Bitfarms. The company encourages Bitfarms shareholders and stakeholders to visit the website to stay informed, share their views, and support Riot’s nominees.

Frank Holmes, Executive Chairman of HIVE Digital Technologies Ltd., expressed confidence in the strategic direction and operational efficiency of HIVE, which contrasts with Riot’s criticism of Bitfarms. Holmes emphasized HIVE’s commitment to environmental sustainability and strategic growth, including a significant increase in Bitcoin mining capacity with the upcoming installation of 2,150 upgraded S21 Pro miners.

Riot, a Bitcoin mining and digital infrastructure company based in Castle Rock, Colorado, focuses on a vertically integrated strategy. It operates Bitcoin mining facilities in Texas and electrical switchgear engineering and fabrication operations in Denver. Riot’s vision is to be a leading Bitcoin-driven infrastructure platform, impacting sectors and communities positively through innovative practices and strong community partnerships.

The special meeting of Bitfarms shareholders, where these board changes will be voted on, has yet to be scheduled. Riot’s campaign underscores the ongoing debates and power struggles within the rapidly evolving cryptocurrency mining industry.

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