Bitcoin

<a href="https://ultramining.com/news/en/bitfarms-set-to-boost-mining-capacity-with-quebec-expansion/">Bitfarms</a>, a prominent Canadian Bitcoin mining firm, has announced significant changes to its leadership as it faces a hostile takeover attempt by Texas-based rival Riot Platforms. In a strategic reshuffle, Bitfarms’ founder and former chairman, Nicolas Bonta, has stepped down from the board of directors, effective immediately. This move comes as Ben Gagnon, recently promoted to CEO, also joins the board, marking a crucial shift in the company’s governance structure, according to <a href="https://theminermag.com/news/2024-08-13/bitcoin-mining-bitfarms-board/">Theminermag</a>. 
The leadership changes occur at a critical juncture for Bitfarms, which has been actively defending itself against Riot’s aggressive takeover bid initiated earlier this year. Riot, which has positioned itself as a potential global leader in the sector, recently increased its stake in Bitfarms to 18% by investing $169 million at an average price of $2.22 per share. Riot's campaign has also included public accusations of poor governance at Bitfarms, specifically targeting Bonta and two other directors for removal. 
In response to Bonta’s departure, Brian Howlett, who has been serving as lead director, has been appointed as the new independent chairman of the board. This change is seen as a defensive measure as Bitfarms continues to resist Riot’s advances. 
Further bolstering its executive team, Bitfarms announced the appointment of Liam Wilson as Chief Operating Officer, effective August 26. Wilson, who previously served as COO at Mawson Infrastructure, brings significant experience to the role, having resigned from Mawson in July 2023. 
These developments highlight the ongoing power struggle within the Bitcoin mining industry, as companies like Bitfarms and Riot Platforms vie for dominance. As Bitfarms navigates this turbulent period, its leadership is focused on strengthening the company’s position against external pressures while maintaining its independence.

Bitfarms Founder Resigns Amid Riot Platforms’ Takeover

Ultramining_Eng

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