Bitfarms Appoints Ben Gagnon as New CEO to Drive Future Growth

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.

Image
source:
Shutterstock