Bitfarms Appoints Ben Gagnon as New CEO to Drive Future Growth
Alvin Lang Jul 08, 2024 10:35
Bitfarms Ltd. has appointed Ben Gagnon as the new CEO, effective immediately. Gagnon, previously Chief Mining Officer, aims to expand and diversify the company's operations.
Bitfarms Ltd. (NASDAQ/TSX: BITF), a global Bitcoin data center company, has announced the appointment of Ben Gagnon as its new Chief Executive Officer, effective immediately. Gagnon, who previously served as Chief Mining Officer, is expected to lead the company in its next phase of growth and expansion, according to a press release.
Leadership Transition
Gagnon brings a wealth of experience in Bitcoin mining to his new role. He joined Bitfarms in 2019 as Director of Business Development and was promoted to Director of Mining Operations in 2020, before becoming Chief Mining Officer in 2021. Throughout his tenure, he has been instrumental in shaping the company's mining strategy and operations, including growth strategies, mining economics, and the integration of new technologies.
“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 team and has been instrumental in positioning the Company to drive organic growth and capture a greater share of the global demand for Bitcoin.”
Future Plans and Strategies
Gagnon’s appointment comes at a crucial time as Bitfarms aims to diversify its business into new areas such as energy generation, heat recycling, energy trading, and high-performance computing (HPC) for artificial intelligence (AI). “I am honored to be appointed CEO and am excited for the opportunity to lead and work alongside such a talented team,” said Gagnon. “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, while simultaneously evaluating potential HPC/AI opportunities.”
The Board of Directors expressed confidence in Gagnon’s ability to lead Bitfarms through its next chapter. “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. “We look forward to benefiting from his leadership as we continue to capitalize on growth opportunities and further global expansion with an emphasis on the U.S.”
Company Background
Founded in 2017, Bitfarms is a global Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. The company develops, owns, and operates vertically integrated data centers with in-house management and company-owned electrical engineering, installation service, and multiple onsite 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's operations are predominantly powered by environmentally friendly hydro-electric and long-term power contracts, reflecting its commitment to sustainable energy use.
Looking Ahead
Bitfarms noted that the retention of the Chief Executive Officer is independent of the Special Committee’s process to review strategic alternatives. The Special Committee remains 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 significant milestone in the cryptocurrency world that typically impacts mining rewards and market prices.
For more information about Bitfarms and its latest developments, visit their official press release.
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