Bitcoin (BTC) Mining Company Bitfarms Appoints Ben Gagnon as New Chief Executive

Bitcoin (BTC) mining company Bitfarms announced in a Monday press release that it has appointed Ben Gagnon as its new chief executive

Bitcoin mining company Bitfarms announced Ben Gagnon's appointment as its new chief executive on Monday. The appointment comes amidst a takeover battle with U.S. rival, Riot Platforms.

In a press release, Bitfarms' Chairman of the Board of Directors Nicolas Bonta stated that Gagnon will focus on expanding and diversifying the business into new areas, including "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 the development of 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.

Meanwhile, Riot Platforms, the U.S.-based Bitcoin company that had sought Bitfarms' acquisition, announced in a press release a new website dubbed "ABetterBitfarms" to allow shareholders to learn more about "Bitfarms' broken corporate governance, the need for urgent board change and Riot's three highly qualified, independent director nominees."

Riot Platforms has been attempting to acquire its Canadian rival for some time, having initially offered the Toronto-headquartered company $950 million for acquisition. However, the Colorado-headquartered company later withdrew its acquisition proposal, stating that "engaging with the incumbent Bitfarms board on a potential combination is just not possible."

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