2024

Bitcoin

Nicolas Bonta, who worked as the interim president and CEO of Canadian crypto mining firm Bitfarms, will step down from the company board.&nbsp;
In an Aug. 13 notice, Bitfarms <a href="https://investor.bitfarms.com/news-events/press-releases/detail/261/bitfarms-announces-board-of-directors-and-leadership-updates" text="null" title="null">announced</a> the appointment of a new board member amid Riot Platforms’ attempted takeover. According to the mining firm, CEO Ben Gagnon will join the board, while lead director Brian Howlett will become the independent chairman.&nbsp;
Bonta, who stepped in as interim president and CEO in May until Gagnon was <a href="https://cointelegraph.com/news/bitfarms-new-ceo-riot-launches-campaign-corporate-dispute-escalates" text="null" title="null">appointed in July</a>, “decided to step down” from the board. The shakeup in leadership did not appear to be connected to Riot’s attempted takeover of the mining firm, which has been ongoing for months.&nbsp;
<h2 id="riot-taking-control">Riot taking control?</h2>
In May, Riot offered to acquire Bitfarms for $950 million and began increasing its stake in the mining firm. Bitfarms implemented a “poison pill” strategy to cap Riot’s holdings at 15%, a <a href="https://cointelegraph.com/news/bitfarms-stop-poison-pill-strat-riot-takeover-attempt" text="null" title="null">move that Canadian regulators</a> later blocked.&nbsp;
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-revenue-decline-yearly-low-august-2024" text="null" title="null">Bitcoin miners record lowest daily revenue of 2024</a>
As of July 29, Riot <a href="https://www.riotplatforms.com/riot-platforms-inc-reports-beneficial-ownership-of-16-9-in-bitfarms-ltd/" text="null" title="null">reported</a> it owned 16.9% of Bitfarms’ common shares and intended to replace three board members, including Bonta, at a company shareholder meeting. The shareholders are <a href="https://cointelegraph.com/news/bitfarms-shareholder-meeting-riot-takeover" text="null" title="null">scheduled to meet</a> on Oct. 29.&nbsp;
Bitfarms reported in its second-quarter 2024 earnings that its stock rose roughly 22%, mining 614 Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" text="null" title="null">BTC</a>), worth $37 million. Cointelegraph contacted the mining firm for comment but did not receive a response at the time of publication.
Magazine: <a href="https://cointelegraph.com/magazine/china-crypto-ban-investors/" text="null" title="null">How Chinese traders and miners get around China’s crypto ban</a>

Ex-Bitfarms interim CEO steps down amid board shakeup

Table of Contents

Cointelegraph

Other articles published on Aug 13, 2024

Victoria VR Launches VRtap: Strategic PvP Play-to-Earn Game on Telegram

Bitcoin Rallies Back to $60,000 as Stablecoin Ratio Turns Bullish

Bitget Wallet Outperforms MetaMask

Pi Network May Crack Down on Bot-Mined Pi Coins

Bitcoin Prices Surge Then Plummet

Ondo Finance token at risk if Fed begins cutting rates

Join our free newsletter for daily crypto updates!