Bitfarms appoints new CEO amid rift with rival Riot
Quick Take
- Bitfarms has appointed Ben Gagnon as its CEO, effective immediately, amid its ongoing tussle with rival Riot.
- Gagnon previously served as Bitfarms’ chief mining officer.
- The CEO appointment came as bitcoin mining company Riot launched a new campign to exert control over Bitfarm’s business.
Bitfarms has appointed a new CEO amid its ongoing tussle with a rival attempting to take over its bitcoin-mining business.
Ben Gagnon, who has until now served as Bitfarm's chief mining officer, is stepping into the firm's top executive role, effective immediately, Bitfarms said Monday in a statement. He will oversee efforts to expand Bitfarms' business globally, focusing on growing the company’s operations in the U.S., according to Bitfarms.
“The Board is confident that Ben is the right person to lead Bitfarms in this next chapter,” Edie Hofmeister, chair of Bitfarm's Independent Search Committee of the Board of Directors, said Monday in a statement. "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.”
Gagnon has nearly a decade of experience in bitcoin mining, including a five-year tenure at Bitfarms, the executive’s LinkedIn profile shows. As Bitfarm's chief mining officer, Gagnon oversaw mining economics and portfolio management, in addition to the evaluation and integration of new technologies at the company.
The C-suite shakeup comes as Bitfarm's rival Riot launched an online campaign on Monday criticizing its competitor’s corporate governance structure. The two bitcoin mining companies have locked horns over the future of Bitfarm’s business for months, with Riot aiming to seize control of its competitor through force.
Neither Bitfarms nor Riot Platforms immediately responded to The Block's request for comment.
Earlier this summer, Riot signaled it would stage a hostile takeover of Bitfarms following its failed attempt to acquire the latter for roughly $950 million in total equity value. In response to the plan, Bitfarms threatened to dilute its shares. The defensive move forced Riot to re-evaluate its plans, leading the firm to call for a reconstitutition of Bitfarms' board of directors.
As of publication time, shares of Riot and Bitfarms were trading at $9.60 and $2.70, respectively, remaining roughly flat in the past 24 hours.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
