Bitfarms, a Canadian Bitcoin mining firm, has appointed Ben Gagnon as its new CEO in the midst of ongoing competition with Riot Platforms, Ltd. This leadership transition is crucial for Bitfarms as it strives to maintain control against Riot Platforms. Gagnon, who previously served as Bitfarms’ Chief Mining Officer, will now lead the company as CEO. His promotion is part of a larger strategic move to protect the company from hostile takeover attempts by Riot Platforms.
Gagnon brings over a decade of experience in the Bitcoin mining sector to his new role. Prior to becoming CEO, he served as Bitfarms’ Chief Mining Officer. Gagnon’s appointment follows the departure of former CEO Geoff Morphy, who left the company after a contentious court battle over his removal.
Edie Hofmeister, Chair of Bitfarms’ Independent Search Committee, believes that Gagnon’s mining background and involvement in the company’s expansion plans make him the perfect candidate to lead the business. The board of directors also sees Gagnon’s leadership as beneficial for Bitfarms as the company expands its operations, particularly in the US, and explores opportunities in high-performance computing and AI.
The rivalry between Bitfarms and Riot Platforms has intensified, with Riot launching an online campaign to criticize Bitfarms’ leadership and tactics. Bitfarms rejected Riot’s aggressive takeover bid in June, which was valued at around $950 million. In response, Bitfarms implemented a share buy-back plan to defend against the takeover threat, prompting Riot to seek a reorganization of Bitfarms’ board of directors.
In other crypto news, Bitstamp has committed to accelerate payouts to creditors of Mt. Gox.
