Bitfarms (BITF) Announces Significant Leadership Changes

Bitfarms Ltd. (Nasdaq/TSX: BITF), a global vertically integrated Bitcoin data center company, has announced several key updates to its Board of Directors and Executive Team, according to GlobeNewswire.

Board of Directors Updates

Ben Gagnon, currently serving as the Chief Executive Officer, has been appointed to the Board of Directors effective immediately. Gagnon, who previously held the position of Chief Mining Officer, has played a crucial role in Bitfarms' aggressive growth strategy.

Edie Hofmeister, Chair of the Governance and Nominating Committee, expressed confidence in Gagnon's ability to drive the company's strategic vision. “As CEO, Ben is a critical addition to the Board, and we are confident that he will continue to leverage his valuable skillset and significant insight in this new capacity,” Hofmeister stated.

Additionally, Brian Howlett, the current Lead Director, has been named the new Independent Chairman. Nicolas Bonta, the Founder and former Chairman, has decided to step down from the Board. Howlett praised Bonta for his foundational role in the company, particularly in spearheading international expansion efforts in Latin America.

“Nicolas played a critical role in the foundation and development of this Company. He laid the groundwork for our success as a bitcoin miner and spearheaded our international expansion,” Howlett remarked. Bonta also expressed his confidence in the new leadership, stating, “Now is the right time for me to step down and for Ben to join the Board. I am equally confident in Brian’s ability to lead the Board as we look ahead to the next phase of Bitfarms’ growth.”

Executive Team Enhancements

In another significant move, Bitfarms has appointed Liam Wilson as the new Chief Operating Officer, effective August 26, 2024. Wilson brings over two decades of leadership experience across multiple industries, including the U.S. energy sector.

“Liam will play a critical role in developing and refining our operational procedures and systems with the goal of improving efficiencies,” said Gagnon. Wilson, who has been consulting with Bitfarms for the past six months, expressed his enthusiasm for joining the team. “Having worked with the team on a consulting basis for the past six months, I’ve been impressed by the executive team’s expertise, market-leading site operations, and best-in-class facilities throughout the U.S., Canada, and Latin America,” Wilson stated.

About Liam Wilson

Wilson is a seasoned executive with more than 20 years of leadership experience. He has transacted over 900 MW of power across the U.S. and played a pivotal role in developing and operating facilities in states such as Pennsylvania, Ohio, Georgia, Texas, and Nebraska. He is also known for leading the first large-scale Bitcoin mining demand response program in the deregulated PJM market.

About Bitfarms Ltd.

Founded in 2017, Bitfarms Ltd. is a global Bitcoin data center company that contributes its computational power to mining pools, receiving payments in Bitcoin. The company operates 12 Bitcoin data centers with two more under development in Canada, the United States, Paraguay, and Argentina. Predominantly powered by environmentally friendly hydroelectric and long-term power contracts, Bitfarms is committed to sustainable energy usage.

For more information, visit their official announcement.