Bitcoin

Bitfarms appoints new CEO as Riot intensifies takeover bid

Bitcoin miner Riot Platforms’ effort to take over rival Bitfarms has taken a new flip with current developments in each firms.

Devoted web site

On July 8, Riot launched a devoted web site, “ABetterBitfarms,” to coach Bitfarms shareholders on why the rival agency’s board needs to be reconstituted.

CryptoSlate’s go to to the new web site was greeted by a daring message stating:

“It’s Time To Fix Bitfarms’ Broken Corporate Governance. New, independent perspectives are needed on the Bitfarms Board to evaluate the best path forward for shareholders.”

The positioning urges Bitfarms stakeholders to anonymously share their views on the corporate’s operations and encourages shareholders to register and comply with the web site.

The transfer provides to the continuing battle between the 2 BTC miners. Riot first tried to accumulate Bitfarms in April for about $950 million, however Bitfarms rejected the supply as a result of it undervalued the corporate.

In June, Riot referred to as for a particular assembly of Bitfarms shareholders to restructure Bitfarms’ board. The miner needs to take away Chairman and Interim CEO Nicolas Bonta and director Andrés Finkielsztain, claiming the present board prioritizes the administrators’ pursuits over these of shareholders.

In the meantime, Riot has steadily bought Bitfarms inventory, changing into its largest shareholder with a 14.9% stake.

New CEO

Then again, Bitfarms continues to withstand Riot’s takeover and has appointed Ben Gagnon, the previous Chief Mining Officer, as its Chief Government Officer.

Gagnon began on the agency as its Director of Enterprise Improvement in 2019 and oversaw its mining technique and operations, together with progress methods, mining economics, miner portfolio administration, and analysis and integration of new applied sciences.

Gagnon said that the agency would give attention to HPC (high-performance computing) for AI (synthetic intelligence) alternatives beneath his stewardship and put together methods for the 2028 halving occasion.

In the meantime, Gagnon is the second main govt rent for the agency within the final two weeks. Bitfarms additionally appointed Fanny Philip as an impartial board member, growing the board to 5 administrators, 4 of whom are impartial.

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Posted In: Bitcoin, Mining

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