Bitfarms Ltd. (NASDAQ/TSX: BITF), a world Bitcoin information middle firm, has introduced the appointment of Ben Gagnon as its new Chief Government Officer, efficient instantly. Gagnon, who beforehand served as Chief Mining Officer, is anticipated to guide the corporate in its subsequent part of development and enlargement, in keeping with a press launch.
Management Transition
Gagnon brings a wealth of expertise in Bitcoin mining to his new position. He joined Bitfarms in 2019 as Director of Enterprise Growth and was promoted to Director of Mining Operations in 2020, earlier than turning into Chief Mining Officer in 2021. All through his tenure, he has been instrumental in shaping the corporate’s mining technique and operations, together with development methods, mining economics, and the combination of latest applied sciences.
“Ben is a seasoned chief with important expertise in Bitcoin mining, and we’re thrilled to nominate somebody of his caliber because the Firm’s subsequent CEO,” mentioned Nicolas Bonta, Chairman of the Board of Administrators. “Over the past 5 years, Ben has been an important member of the Bitfarms management crew and has been instrumental in positioning the Firm to drive natural development and seize a better share of the worldwide demand for Bitcoin.”
Future Plans and Methods
Gagnon’s appointment comes at an important time as Bitfarms goals to diversify its enterprise into new areas corresponding to power era, warmth recycling, power buying and selling, and high-performance computing (HPC) for synthetic intelligence (AI). “I’m honored to be appointed CEO and am excited for the chance to guide and work alongside such a proficient crew,” mentioned Gagnon. “This has been a transformational yr for the Firm, and I’m inspired concerning the future as we start planning and implementing methods for the 2028 halving occasion, whereas concurrently evaluating potential HPC/AI alternatives.”
The Board of Administrators expressed confidence in Gagnon’s skill to guide Bitfarms by means of its subsequent chapter. “Throughout his tenure as Chief Mining Officer, Ben performed a big position within the improvement of Bitfarms’ development plan, positioning the Firm to drive important worth creation,” mentioned Edie Hofmeister, Chair of the Unbiased Search Committee of the Board of Administrators. “We look ahead to benefiting from his management as we proceed to capitalize on development alternatives and additional world enlargement with an emphasis on the U.S.”
Firm Background
Based in 2017, Bitfarms is a world Bitcoin information middle firm that contributes its computational energy to a number of mining swimming pools from which it receives cost in Bitcoin. The corporate develops, owns, and operates vertically built-in information facilities with in-house administration and company-owned electrical engineering, set up service, and a number of onsite technical restore facilities. Bitfarms presently operates 12 Bitcoin information facilities and has two extra beneath improvement, situated in Canada, the USA, Paraguay, and Argentina.
The corporate’s operations are predominantly powered by environmentally pleasant hydro-electric and long-term energy contracts, reflecting its dedication to sustainable power use.
Wanting Forward
Bitfarms famous that the retention of the Chief Government Officer is unbiased of the Particular Committee’s course of to overview strategic alternate options. The Particular Committee stays dedicated to totally evaluating all alternatives to maximise shareholder worth.
As the brand new CEO, Gagnon can even deal with planning for the 2028 Bitcoin halving occasion, a big milestone within the cryptocurrency world that sometimes impacts mining rewards and market costs.
For extra details about Bitfarms and its newest developments, go to their official press launch.
Picture supply: Shutterstock
