Bitfarms appoints Ben Gagnon as its new CEO

News

Bitcoin miner, Bitfarms has elevated Ben Gagnon to the role of its chief executive officer effective immediately. The company announced on Monday the appointment of a new leader who will oversee the company’s strategic review.

Also read: Riot seeks board influence at Bitfarms after failed $950M takeover bid

Gagnon, formerly the chief mining officer of a Canadian Bitcoin data center company, is also expected to oversee and navigate through the obtaining dispute with Riot Platforms, Bitfarms’ biggest shareholders.

Ben Gagnon to steer the firm’s diversity plans

Gagnon’s elevation comes months after the company’s plans for a smooth leadership transition after former CEO Geoff Morphy’s departure was announced in March. Morphy was, however, to remain in his role while the company looked for a replacement, although Bitfarms “accelerated” his termination in May.

Speaking of the new CEO, Bitfarms expressed confidence in Gagnon’s capabilities to be at the company’s helm. “Ben is a seasoned leader with significant experience in Bitcoin mining, and we are thrilled to appoint someone of his caliber as the company’s next CEO,” said Nicolas Bonta, chairman of the board of directors.

“Over the last five years, Ben has been a vital member of the Bitfarms leadership and been instrumental in positioning the company to drive organic growth and capture a greater share of the global demand for Bitcoin,” Bonta added.

The company is upbeat about its new leadership in steering the company as it pursues expansion and diversification into other areas such as energy generation, high-performance computing for AI, heat recycling, and energy trading.

Bitfarms is currently in a dispute with Riot Platform. The company rejected Riot’s $950 million offer, arguing it “undervalued the company and adopted a ‘poison pill’ to fend off a hostile takeover.” According to Reuters, Riot withdrew the offer but wants three board seats at Bitfarms.

Bitfarms to leverage Gagnon’s experience

Gagnon started his career at Bitfarms in 2019 as director of business development before his elevation to the post of director of mining operations in 2020 and chief mining officer in 2021.

According to the company, in these various roles at Bitfarms, Gagnon has been instrumental in steering mining strategy and operations, mine portfolio management, growth strategies, and evaluation and integration of new technologies.

Also read: Bitfarms CEO steps down amid intensifying legal dispute

Commenting on his new role, Gagnon said: “This has been a transformational year for the company, and I am encouraged about the future as we begin planning and implementing strategies for the 2028 halving event.”

According to a Reuters report, this appointment could help reassure investors in Bitfarms as Gagnon has “previous experience as CEO.”

Before joining Bitfarms, he started and operated two Bitcoin mining firms where he was the CEO, chief mining officer, and chief technology officer.

Cryptopolitan reporting by Enacy Mapakame

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed

Leave a Reply