Ben Gagnon, formerly the Chief Mining Officer of Bitfarms, has been promoted to the position of CEO following the departure of Geoff Morphy. This leadership transition comes at a critical time for Bitfarms as it faces ongoing competition from Riot Platforms, Ltd.
Gagnon, who has more than ten years of experience in the Bitcoin mining sector, has played a significant role in Bitfarms’ operations as the Chief Mining Officer. His promotion is part of a larger strategic move to strengthen the company’s defenses against hostile takeover attempts by Riot Platforms.
Edie Hofmeister, the Chair of Bitfarms’ Independent Search Committee, believes that Gagnon’s background in mining and his involvement in the company’s expansion plan make him the ideal candidate to lead the business. The board of directors shares this sentiment and expects Gagnon’s leadership to benefit Bitfarms as it expands its operations, particularly in the US, and explores new opportunities in high-performance computing and AI.
The rivalry between Bitfarms and Riot Platforms has intensified recently, with Riot launching an online campaign criticizing Bitfarms’ leadership and tactics. This has set the stage for Gagnon’s promotion. Bitfarms rejected Riot’s aggressive takeover bid, which amounted to approximately $950 million, in early June. In response to the takeover threat, Bitfarms implemented a share buy-back plan, prompting Riot to seek a reorganization of Bitfarms’ board of directors.
In other cryptocurrency news, Bitstamp has committed to expediting payouts to creditors of Mt. Gox, a notable exchange that suffered a major hack in 2014. This commitment aims to address the longstanding issue of delayed payouts and provide relief to affected creditors.