Bitfarms appoints Ben Gagnon as its new CEO

In this post:

  • Gagnon’s appointment is effective immediately and replaces Geoff Morphy as CEO.
  • The new CEO is expected to “navigate” the dispute with Riot Platforms.
  • Gagnon is also expected to steer the company towards its strategic direction.

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

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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