Bitfarms Appoints Ben Gagnon as Chief Executive Officer Amid Corporate Dispute with Riot Platforms

Company Background

Bitfarms, founded in 2017, has rapidly grown to become a leading player in the Bitcoin mining industry. The company operates multiple Bitcoin data centers across the globe, leveraging advanced infrastructure and strategic growth strategies.

Bitfarms operates data centers in Canada, the United States, Paraguay, and Argentina. These facilities are equipped with state-of-the-art technology and managed by a highly skilled team, ensuring optimal performance and efficiency in mining operations.

Committed to sustainability, Bitfarms primarily relies on hydroelectric power for its mining operations. This approach not only minimizes the company’s carbon footprint but also supports the development of renewable energy solutions.

Ben Gagnon’s Background

• 2019: Joined Bitfarms as Director of Business Development
• 2020: Promoted to Director of Mining Operations
• 2021: Became Chief Mining Officer
• 2024: Appointed as Chief Executive Officer

Ben Gagnon brings a wealth of experience and a strong educational background to his new role, including:

• M.Sc. in Internet Computing from Hong Kong University
• B.Sc. in Economic Consulting and International Business from Indiana University
• Expertise in mining economics and advanced technologies

Throughout his tenure at Bitfarms, Gagnon has made significant contributions to the company’s growth and success. He developed and executed comprehensive growth strategies that have expanded Bitfarms’ operational capacity and market reach. His expertise in mining economics enabled the company to achieve greater efficiency and profitability.

Strategic Vision

As CEO, Ben Gagnon aims to diversify Bitfarms’ operations beyond traditional Bitcoin mining. His vision includes:

• Expanding into energy generation and trading
• Implementing heat recycling technologies
• Leveraging high-performance computing (HPC) for artificial intelligence (AI)
• Scaling up mining operations and optimizing energy use
• Expanding Bitfarms’ geographical footprint

Leading up to the 2028 halving event and beyond, Gagnon has outlined strategic plans to ensure Bitfarms remains a dominant force in the industry. These plans include scaling up mining operations, optimizing energy use through sustainable practices, and expanding Bitfarms’ geographical footprint.

Corporate Dispute with Riot Platforms

The appointment of Ben Gagnon comes amidst an ongoing corporate dispute with Riot Platforms. Key developments include:

• Riot’s takeover attempt in April 2024, offering a substantial premium over the current market price
• Bitfarms’ board rejecting the offer, deeming it undervalued
• Riot increasing its stake in Bitfarms to 14.9%
• Launch of the “ABetterBitfarms” campaign by Riot, aiming to rally Bitfarms shareholders
• Riot’s proposal to nominate new directors and remove current board members
• Bitfarms’ defensive strategies, including appointing an independent board member and adopting a “poison pill” plan

D-Central’s Perspective

At D-Central Technologies, we strongly support Ben Gagnon’s appointment as CEO of Bitfarms. We believe his deep understanding of the Bitcoin mission and principled leadership make him the ideal choice to lead Bitfarms into the future.

Gagnon’s appointment is a significant positive development not only for Bitfarms but also for the broader Bitcoin community. By driving Bitfarms’ expansion and sustainability efforts, Gagnon will contribute to the resilience and advancement of the Bitcoin ecosystem.

Learn More About D-Central’s Bitcoin Mining Solutions

Frequently Asked Questions

• What is Bitfarms? Bitfarms is a global, vertically integrated Bitcoin hashcenter company that operates several hashcenters across Canada, the United States, Paraguay, and Argentina. Founded in 2017, it’s known for its advanced infrastructure and commitment to using environmentally friendly energy sources, primarily hydro-electric power, to support its Bitcoin mining operations.
• Who is Ben Gagnon? Ben Gagnon is the newly appointed Chief Executive Officer of Bitfarms. He has been with the company since 2019, starting as Director of Business Development before moving up to Director of Mining Operations and then Chief Mining Officer. Gagnon holds an M.Sc. in Internet Computing from Hong Kong University and a B.Sc. in Economic Consulting and International Business from Indiana University.
• What are Ben Gagnon’s plans for Bitfarms? As CEO, Gagnon plans to diversify and expand Bitfarms’ operations into new areas such as energy generation, heat recycling, energy trading, and high-performance computing (HPC) for artificial intelligence (AI). He aims to position Bitfarms at the forefront of innovation while driving growth and preparing for future events such as the 2028 Bitcoin halving.
• How does Bitfarms contribute to the Bitcoin mining industry? Bitfarms contributes to the Bitcoin mining industry by providing substantial computational power through its globally distributed data centers. The company’s commitment to sustainable energy sources, such as hydro-electric power, sets a benchmark for environmentally responsible mining practices. Bitfarms also plays a key role in advancing mining technology and efficiency.
• What is the corporate dispute with Riot Platforms about? The corporate dispute began with Riot’s attempted takeover of Bitfarms in April 2024, which Bitfarms’ board rejected. Riot has since increased its stake in Bitfarms to 14.9% and launched a public campaign to reconstitute Bitfarms’ board of directors, citing governance issues. Riot’s efforts include nominating new directors and seeking the removal of current board members. Bitfarms has responded with strategic moves such as appointing an independent board member and adopting a “poison pill” defense strategy to prevent a hostile takeover.
• What is the market impact of this corporate dispute? The corporate dispute has led to fluctuations in both companies’ stock prices. As of the latest reports, Bitfarms (BITF) shares have seen a 16.5% increase over the past month, while Riot Platforms (RIOT) stocks have decreased by 4.8% in the same period. These changes reflect the market’s mixed reactions to the ongoing situation.
• How is Bitfarms addressing environmental concerns in Bitcoin mining? Bitfarms is committed to using environmentally friendly energy sources for its mining operations. The company primarily relies on hydroelectric power, which is both sustainable and cost-effective. By leveraging underutilized energy infrastructure, Bitfarms minimizes its carbon footprint and supports the development of renewable energy solutions.