Bitcoin mining giant Bitfarms has appointed Ben Gagnon, who previously served as chief mining officer, as the company’s new chief executive.

Bitfarms announced this leadership change in a recent press release, amidst a takeover battle with its U.S. competitor, Riot Platforms. According to Nicolas Bonta, Chairman of Bitfarms’ Board of Directors, Gagnon will focus on expanding and diversifying the company into new areas such as energy generation, heat recycling, energy trading, and high-performance computing (HPC) for artificial intelligence (AI).

Edie Hofmeister, Chair of the Independent Search Committee of the Board of Directors at Bitfarms, highlighted Gagnon’s significant contributions during his tenure as chief mining officer. Hofmeister noted that Gagnon played a crucial role in developing Bitfarms’ growth plan, positioning the company to achieve substantial value creation.

In related news, Riot Platforms, the U.S.-based Bitcoin company that had sought to acquire Bitfarms, announced the launch of a new website aimed at Bitfarms’ shareholders. This platform, titled “ABetterBitfarms,” provides information about Bitfarms’ corporate governance issues, the need for urgent board changes, and Riot’s three independent director nominees.

Riot Platforms had previously offered $950 million to acquire Bitfarms but later withdrew the proposal. The Colorado-based company cited difficulties in engaging with Bitfarms’ current board as a primary reason for retracting their acquisition bid.

For more updates and news in the cryptocurrency world, explore the latest articles on Global Crypto News.

Post Views: 8