Bitfarms appoints Ben Gagnon as CEO following takeover fiasco

As a researcher with experience in the cryptocurrency and blockchain industry, I’m closely following the developments at Bitfarms and Riot Platforms. The recent appointment of Ben Gagnon as CEO of Bitfarms is an interesting move, especially given the ongoing takeover battle between the two companies.

Bitfarms, a major player in the Bitcoin mining sector, has announced that Ben Gagnon, who previously held the position of Chief Mining Officer, will now take over as the company’s CEO.

In a recent press release on Monday, Bitfarms, the Bitcoin (BTC) mining company, announced that they have appointed Ben Gagnon as their new CEO. This announcement comes amidst ongoing takeover negotiations between Bitfarms and Riot Platforms, a U.S.-based rival.

In the press announcement, Nicola Bonta, Bitfarms’ Chairman of the Board, indicated that Gagnon would focus on broadening and enriching the company’s scope in various domains. These areas include energy production, waste heat recovery, energy marketplace operations, and advanced computing for artificial intelligence (AI).

As a researcher examining the role of key executives in Bitfarms’ growth, I came across Edie Hofmeister’s statement regarding Ben’s contributions during his tenure as chief mining officer. She highlighted that Ben played a pivotal part in shaping Bitfarms’ expansion strategy, thereby preparing the company for substantial value generation.

In the aftermath of the recent announcement, Riot Platforms – a Bitcoin company based in the United States with prior intentions to acquire Bitfarms – unveiled a new website called “ABetterBitfarms” through a press release. This site aims to provide shareholders with valuable information regarding the concerns over Bitfarms’ corporate governance issues, the necessity for immediate board changes, and Riot’s three well-qualified, independent director candidates.

For some time now, Riot Platforms has been pursuing the acquisition of its Canadian rival, which is based in Toronto, offering them $950 million. However, the company headquartered in Colorado has since retracted its proposal for acquiring Bitfarms, expressing that they could not engage with Bitfarms’ board regarding a potential merger.

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2024-07-08 16:02