Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin data center company, announced the appointment of Ben Gagnon as its new Chief Executive Officer, effective immediately. According to the press release, Gagnon, who previously served as Chief Mining Officer, is expected to lead the company through its next phase of growth and expansion.
Leadership Transition
Gagnon brings extensive experience in Bitcoin mining to his new role. He joined Bitfarms in 2019 as Director of Business Development, was promoted to Director of Mining Operations in 2020, and became Chief Mining Officer in 2021. During his tenure, he has played a key role in shaping the company’s mining strategy and operations, including growth strategy, mining economics, and integration of new technologies.
“Ben is a seasoned leader with significant experience in Bitcoin mining, and we are thrilled to have him as the company’s next CEO,” said Nicolas Bonta, Chairman of the Board. “Ben has been a key member of the Bitfarms leadership team over the past five years, playing a key role in driving organic growth and capturing a greater share of global demand for Bitcoin.”
Future plans and strategies
Gagnon’s appointment comes at a critical time for Bitfarms as it seeks to diversify into new areas such as energy production, heat recycling, energy trading, and high-performance computing (HPC) for artificial intelligence (AI). “I am honored to be named CEO and excited about the opportunity to lead and work with such a talented team,” Gagnon said. “This has been a transformative year for the company, and I am excited about the future as we plan and implement our strategy for the 2028 halving event, while also evaluating potential HPC/AI opportunities.”
The Board expressed confidence in Gagnon’s ability to lead Bitfarms to its next phase. “During his tenure as Chief Mining Officer, Ben has been instrumental in developing Bitfarms’ growth plan and has enabled the Company to drive significant value creation,” said Edie Hofmeister, Chair of the Board’s Independent Search Committee. “We look forward to benefiting from his leadership as we continue to capitalize on growth opportunities and further expand globally, with a focus on the United States.”
Company Background
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computing power to one or more mining pools and receives payments in Bitcoin. The company develops, owns and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation services and multiple on-site technical repair centers. Bitfarms currently operates 12 Bitcoin data centers and has two more under development, located in Canada, the United States, Paraguay and Argentina.
The company operates primarily through environmentally friendly hydropower and long-term power contracts, demonstrating its commitment to sustainable energy use.
Future Prospects
Bitfarms noted that the retention of the CEO was unrelated to the special committee’s review of strategic alternatives. The special committee is committed to thoroughly evaluating all opportunities to maximize shareholder value.
As the new CEO, Gagnon will also focus on planning for the 2028 Bitcoin halving event, a major milestone in the cryptocurrency world that typically impacts mining rewards and market prices.
To learn more about Bitfarms and their latest developments, visit the official press release.
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