Bitfarms Names Ben Gagnon as CEO After Turbulent Takeover Episode

Bitcoin mining company Bitfarms has named Ben Gagnon as its new CEO, replacing his previous role as chief mining officer. The appointment comes amid a takeover battle with US competitor Riot Platforms. Bitfarms’ Chairman of the Board of Directors, Nicolas Bonta, stated that Gagnon will focus on expanding and diversifying the business into new areas such as energy generation, heat recycling, energy trading, and high-performance computing for artificial intelligence. Gagnon’s previous role played a significant part in Bitfarms’ growth plan development, positioning the company for value creation. Riot Platforms, which had previously sought to acquire Bitfarms, has launched a website called “ABetterBitfarms” to inform shareholders about Bitfarms’ corporate governance concerns and the need for board change. Riot Platforms had initially offered $950 million for the acquisition but later withdrew the proposal after difficulties in engaging with Bitfarms’ board.