Bitcoin mining giant Bitfarms has appointed Ben Gagnon, the former chief mining officer, as the new chief executive. Gagnon’s role involves expanding and diversifying the business amid a takeover battle with Riot Platforms.
Bitcoin (BTC) mining company Bitfarms announced in a Monday press release that Ben Gagnon is its new chief executive. The appointment comes as Bitfarms faces a takeover attempt from U.S. rival Riot Platforms.
In the press release, Bitfarms’ Chairman of the Board of Directors, Nicolas Bonta, stated that Gagnon will work towards expanding the business into new areas, such as “energy generation, heat recycling, energy trading, and HPC (high-performance computing) for AI (artificial intelligence).”
“During his tenure as chief mining officer, Ben played a significant role in Bitfarms’ growth plan, positioning the company to drive significant value creation,” said Edie Hofmeister, Chair of the Independent Search Committee of the Board of Directors at Bitfarms.
While Bitfarms prepares for this transition, Riot Platforms has launched a website named “ABetterBitfarms” to inform shareholders about “Bitfarms’ broken corporate governance, the need for urgent board change and Riot’s three highly qualified, independent director nominees.”
Riot Platforms, a Colorado-headquartered Bitcoin company, had previously offered $950 million to acquire Bitfarms. However, Riot later withdrew the proposal, stating that “engaging with the incumbent Bitfarms board on a potential combination is just not possible.”
